What advantage do third parties (e.g., Paytm and BankBazaar) get for providing direct mutual fund investment platform in India?

Cannot speak for others, but at Jama we are interested in helping investors start with direct plan mutual funds and offer advisory services on top of that. We charge a small fee for the platform and advisory fees if applicable.

This sustains us and our clients also make much more than what they would have otherwise done through the commission agents.