Paytm Money opens new R&D centre in Pune – The Hindu

Clipped from: https://www.thehindu.com/business/Industry/paytm-money-opens-new-rd-centre-in-pune/article34212879.ece

Firm to hire 250 engineers, data scientists

Online investment platform Paytm Money on Thursday said it has set up a new R&D facility in Pune, Maharashtra, which will drive product innovation, especially in the area of equity, mutual funds, and digital gold.

The company added that it plans to hire over 250 engineers and data scientists to build new wealth products and services.

“…Paytm Money has launched its ‘Technology Development & Innovation Centre’ in Pune. It also plans to hire over 250 front-end, back-end engineers & data scientists to build new wealth products and services,” the company, which is a wholly-owned subsidiary of One97 Communications that owns and operates Paytm, said in a statement.

Varun Sridhar, CEO at Paytm Money, said “We are very excited to launch our Pune tech R&D centre and looking forward to developing new wealth management products and disruptions in Pune. We continue our vision to leverage technology to lower costs for our consumers and provide a solid, innovative and stable platform.”

Stating that the company needs solid engineering talent to ensure it meets its ambitions, Mr. Sridhar said Pune is famous for its high-quality education and offers a great talent pool along with good infrastructure and great weather.

“We believe Pune is poised to become an innovation hub for fintech and a natural choice for Paytm Money’s expansion plans,” he added.

Paytm Money aims to achieve over 10 million users and 75 million yearly transactions in FY21, with the majority of users coming from small cities and towns.

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