5paisa Capital hires Paytm’s Head of Investment Products

5paisaCapital Limited (5paisa Capital), India’s only listed pure-play discount broker, has hired Ankit Fitkariwala as Chief Business Officer &Head of Products. His main focus will be to further fortify the Company’s digital presence and enhance the overall process of customer acquisition.

Prior to joining 5paisa, Ankit Fitkariwala worked with Paytm Money as the Head of Investment Products. At Paytm, he was instrumental in building a digital platform for investment products. He has over 10 years of experience in the financial services sector. Ankit has earlier worked with Jefferies, DBS Bank, Cisco Systems, and Smartwiz (which he also co-founded). He completed his MBA from IIM Calcutta and B.E. from Jadavpur University.

Commenting on the appointment, Mr. Prakarsh Gagdani, CEO, 5paisa, said, “5paisa has been growing at a rapid pace and we see huge opportunities in expanding our customer base and product offerings related to investments. We are in the process of strengthening our senior management team. Ankit’s addition to the team is in sync with these objectives and I am confident that together, we will achieve great heights.”

“Ankit’s experience of creating successful fintech products for retail investors bodes well for us. This is because the majority of our existing and potential customers are first-time investors in the capital markets from smaller locations across India.”

5paisa.com has onboarded more than 2 Lakh new customers during Q4’FY21, taking the total number of registered customers to 13.5 Lakh. The 5paisa mobile app is used by over 7 Million investors and enjoys a rating of 4.0+ stars on Playstore.

5paisa Capital recently raised₹251 Crore from marquee investors including Ward Ferry, Fairfax, and RIMCO. With the requisite growth capital, the Company is on track to be among the top three brokers in India.

 About 5paisa Capital

5paisa Capital Limited (NSE: 5PAISA, BSE: 540776) provides financial products through its online technology platform and mobile applications. It is registered with SEBI as a stockbroker, depository participant, and research analyst, and with AMFI as a mutual fund distributor. It caters to retail investors and high-volume traders who actively invest and trade in securities markets and seeks DIY (Do-it-Yourself) services at a low cost.

The Company provides an online technology platform to clients through internet terminals and mobile applications for trading in securities listed on NSE and BSE. Its other offerings include advisory services (through the research undertaken by a team of fundamental and technical research analysts) and depository-related services.

5paisa Capital is a technology-driven Company having primarily an online presence. The Company is focused on driving innovation after carefully understanding the needs and behavior of its customers and constantly strives to achieve tech superiority. It has a robust trading platform, advanced mobile app, an Artificial-Intelligence powered Robo-Advisory platform and follows a paperless process of opening accounts.

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