PhonePe launches the Share. Market app and enter the stock brokerage market

By siliconindia  |  Wednesday, 30 August 2023, 17:52 IST

PhonePe launches the Share. Market app and enter the stock brokerage market
Bengaluru-based PhonePe is venturing into the stock and mutual fund investment space. The startup introduced Share. Market, which enables users to open trading accounts and invest in stocks, mutual funds, and ETFs. Share. Market elevates discount broking by providing market intelligence and quantitative research-based WealthBaskets, a scalable technology platform, the company stated in a statement.Share.The market will be available as a mobile app and a dedicated web platform for retail investors to buy stocks, do Intra-day trades, and buy curated wealth baskets and mutual funds, it added.
The platform will also host a dedicated Markets section to track the stock market, indices, stocks, and sectors with an intuitive ‘Watchlist’ tracker. While PhonePe's strategy around entering stockbroking is no different than that of arch-rival Paytm, the Bengaluru-headquartered company is looking to actively play in the passive investing use case with ‘WealthBaskets’ WealthBaskets are curated collections of stocks/investment products by Sebi-registered intermediaries. 
They align with specific themes, sectors, or market trends, enabling active equity portfolio building with great convenience and at a low cost, the company claimed. Ujjwal Jain, cofounder, and chief executive of WealthDesk, has been appointed as the Chief Executive Officer of Share. Market, while Sujit Modi, founder of OpenQ, has been appointed as the chief investment officer of the business. Speaking at the launch, Jain said, “Our goal is to offer the benefits of Discount Broking while creating lasting value for our customers as they invest and trade."
“Share. The market will bring newer demographics into broking, helping them get started on their investing journey with off-the-shelf Quant research-led offerings, including WealthBaskets,” Modi said. PhonePe will face stiff competition in the stockbroking arena from Zerodha and Upstox, among others. PhonePe entered the ecommerce space in April with ‘Pincode’, a hyperlocal platform that enables online commerce between local offline stores and customers in the neighborhood.

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