Financial services provider Paytm is planning a foray into the equity brokerage business. The company had recently acquired Raheja QBE, a general insurance business firm.

“One of things that we are expecting to launch within the next 2-3 weeks is stock brokerage and that would be our wealth product,” said Paytm founder and CEO Vijay Shekhar Sharma at Global Fintech Fest.

The event was organised by the National Payments Corporation of India, the Fintech Convergence Council and the Payments Council of India.

Sharma said payments is the largest revenue source for the company that has subsequently expanded into bookings and e-commerce. Insurance and stock brokerage will further bolster the financial services offering. The company has clocked around 350 million users who have transacted at least once on the payments platform whether through its wallet, UPI or other payment options.

According to Sharma, the insurance business acquisition has been done with a view to have access to capital over a long term that will facilitate the future growth of the company.