PhonePe forays into stock broking business, launches Share.Market platform

Digital payments platform PhonePe on Wednesday announced its entry into stock broking with Share.Market under its subsidiary PhonePe Wealth Broking. The discount broking platform will provide market intelligence, quantitative research-based wealth baskets, and a technology platform for investors.

"Share(dot)Market is available as a mobile app and a dedicated web platform, allowing retail investors to buy stocks, do intra-day trades, and buy curated baskets and mutual funds," the statement said.

Speaking about the launch, Share(dot)Market CEO Ujjwal Jain said, “We are delighted to launch Share.Market, which further enables our vision of driving financial inclusion across the population. In recent years, we have seen a significant increase in the percentage of savings going into equities in a big way. There is vibrant growth in the active trading community which trades with different objectives. We believe Share.Market will propel this growth with the backing of our technological prowess, reach, seamless onboarding, and superior product experience.

PhonePe Wealth Broking is a subsidiary of PhonePe and is registered with NSE and BSE as a stockbroker, with CDSL as a Depository Participant, and with AMFI as a mutual fund distributor.

PhonePe was founded in December 2015 and has become the leading payment app in India. The company claims to have 48 crore registered users with 3.6 million crore merchants spread across tier 2, 3, 4, and above, covering 99% of postal codes across India.

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