Digital payments platform PhonePe has announced its foray into stock broking with Share(dot)Market, under its subsidiary PhonePe Wealth Broking Pvt. Ltd.
Share(dot)Market goes live with Stocks and ETFs. F&O and other segments will be rolled out soon, the company said in a release. The platform will enable retail investors to buy stocks, do intra day trades, buy curated WealthBaskets and mutual funds. WealthBasket is its market intelligence and quantitative research-based platform.
The platform led by Ujjwal Jain will also host a dedicated ‘markets’ section to track the stock market, indices, stocks, and sectors with an intuitive watchlist tracker. PhonePe users can install the app as well access the web platform by using their PhonePe-linked mobile numbers. Once they login, they can complete the KYC process to activate their broking and demat accounts.
With this, PhonePe will directly compete with Paytm, Zerodha, Upstox and Groww.
PhonePe is on the verge of closing its ongoing $1 billion funding round. The Bengaluru-based firm has already raised $850 million from General Atlantic, Tiger Global and others since its separation from Flipkart. In December 2022, the firm completed its full separation from the e-commerce marketplace and became a fully India domiciled company.
