Khambata, considered an industry veteran in capital markets, has previously served as the managing director of CDSL Ventures and CDSL Insurance Depository. With four decades of experience in the industry, Khambata also has set up products as businesses such as KYC registration agency and insurance repository among others.

“I am very excited to see how far technology and digital distribution can take personal finance and make investing easier for India,” said Khambata in a statement. “Paytm Money is spreading the investing culture by convincing users of bank deposits, which provide lower returns, to park their hard earned money in mutual funds schemes and other investment products, where returns can be much higher in the long run.”

Paytm Money, which kicked off its mutual fund business with a new application, claims to have partnered with 30 asset management companies (AMCs). It sells only direct mutual plans that do not involve distributor commissions and said that more than half a million users signed up to buy mutual funds, Mint reported in August.

“His (Khambata’s) rich experience in capital markets and market insights in building technology-based products in the investing domain will be extremely helpful in our next phase of product development and investor growth at Paytm Money,” said Pravin Jadhav, whole-time director at Paytm Money.

Paytm, run by One 97 Communications Ltd, had appointed managing partner at law firm Shardul Amarchand Mangaldas Pallavi Shardul Shroff as independent director on its board in February this year.

Headquartered in Bengaluru, Paytm Money claims to cover 94% of industry’s AUM. It allows investing as little as Rs 100 via systematic investment plans (SIPs) in mutual fund schemes.