5paisa Capital Hires Paytm’s Head of Investment Products

India’s only listed pure play discount broker 5paisaCapital Limited (5paisa Capital) 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 overall process of customer acquisition.

Prior to joining 5paisa, 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. Fitkariwala 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 majority of our existing and potential customers are first-time investors in the capital markets from smaller locations across India.”

5paisa.com has on-boarded 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.