Fintech major PhonePe has ventured into the stock and mutual fund investment space as the company has launched its app ‘ShareMarket’. The app will allow users to trade and invest in stocks, mutual funds, and ETFs, reported Business Line.
It aims to elevate discount broking by providing market intelligence, and quantitative research-based WealthBaskets, a scalable technology platform, said PhonePe in a statement. 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.
It will be available as a mobile app and a dedicated web platform for retail investors to buy stocks, do Intraday trades, buy curated wealth baskets and mutual funds.
In 2022, PhonePe acquired two wealthtech platforms – WealthDesk and OpenQ, which were part of PhonePe’s ongoing expansion into financial services beyond payments.
Ujjwal Jain, co-founder 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.
He said that PhonePe’s reach and distribution capabilities coupled with its ability to provide a transaction system, and customer experience at scale will help a lot of Indians build wealth. The platform will also host a dedicated Markets section to track the stock market, indices, stocks, and sectors with an intuitive ‘Watchlist’ tracker.
Walmartowned PhonePe has been launching new services and products. In June, PhonePe announced the launch of its Account Aggregator (AA) services through its wholly owned subsidiary, PhonePe Technology Services.
It has also launched its online payment gateway to serve MSME (micro, small, and medium enterprises) merchants across the country.
