Paytm Money set to hire 250 engineers for its new technology centre in Pune

• Paytm Money, the financial services arm of digital payments, has set up a Technology Development and Innovation Centre in Pune.
• The company is looking to hire 250 engineers across the front-end, backend as well as data scientists.
• Paytm Money is headquartered in Bengaluru and already has a team of over 300 employees.

Paytm Money, the financial services arm of digital payments, has set up a Technology Development and Innovation Centre in Pune. The new facility will aim to drive product innovation, specifically in the areas of equity, mutual funds, and digital gold, the company said in a statement.

The company is looking to hire 250 engineers across the front-end, backend as well as data scientists. Paytm Money is headquartered in Bengaluru and already has a team of over 300 employees.

“We continue our vision to leverage technology to lower costs for our consumers and provide a solid, innovative and stable platform. We need solid engineering talent to ensure we meet our ambitions,” said Varun Sridhar, chief executive officer of Paytm Money.

In a recent interview, Sridhar had also said that Paytm Money will break even in three years.

The online investment platform offers stockbroking, mutual funds, and other wealth management services. It also recently launched IPO investments on its platform, through which retail investors can apply for investments in Initial Public Offers (IPOs) in India.

It had also ventured into Futures & Options trading (F&O) on its platform.

The slew of new features launched by Paytm Money is aimed at gaining market share in the online wealth management industry. The company already has over seven million users, and by the end of FY21 it hopes to have achieved 10 million users and 75 million yearly transactions.

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