Paytm Money plans to hire over 250 engineers and data scientists to build new wealth products and services, a statement said.

The new facility at Pune will focus on driving product innovation, specifically for equity, mutual funds, and digital gold, it added.

''We are very excited to launch our Pune tech R&D center 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,'' Paytm Money CEO Varun Sridhar said.

He added that 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 was a natural choice for Paytm Money's expansion plans,'' he said.

The company has launched a slew of new products and services aimed at empowering seasoned investors as well as new investment users. It aims to achieve over 10 million users and 75 million yearly transactions in FY'21 with the majority of users from small cities and towns.

To increase awareness around wealth products in the country it plans to educate over a million users about different services through education initiatives.