* Bengaluru, Belgaum, Mysore, Udupi and Dharwad among top cities investing in wealth products
India’s homegrown digital financial services platform Paytm’s wholly-owned subsidiary Paytm Money launched its annual report, which charts out how users on the platform invested in 2020. Karnataka emerged as one of the biggest contributors to Paytm Money's overall growth, with Bengaluru, Belgaum, Mysore, Udupi and Dharwad being the cities with the maximum wealth investments on Paytm Money in the last year.
Users from Karnataka have invested close to INR 1,15,000 on an average in investment products including Direct Mutual Funds, Stocks, IPO, F&O, ETF, NPS & Digital gold on the platform. According to the report, female investors from Karnataka invested 46% more than male investors. Karnataka has contributed close to 10% of total investments on Paytm Money in the last year. Meanwhile, Mutual funds investors in Karnataka invested over INR 59,000 on an average of 3 schemes, with the top three being Axis Bluechip Fund Direct Plan-Growth, Axis Long Term Equity Direct Plan-Growth and SBI Small Cap Fund Direct-Growth.
The company’s Investors from Karnataka are more mature, as investors above the age of 30 form 50% of the total user base.
In equities, users from Karnataka invested an average of over Rs 83,000. Investments in IPOs from the state stood out, as 32% of users from Karnataka applied for an IPO. The top 3 IPOs applied include Indian Railways Finance Corporation Ltd, MTAR Technologies Limited and Railtel Corporation of India Limited.
Paytm Spokesperson said, "Our users in Karnataka have the highest average investment amount on Paytm Money. We have seen great adoption of our services from the state, from mutual funds to ETFs and IPO applications. We hope that these services continue to enable users in Karnataka."