PhonePe, a Bengaluru-based company, is entering the mutual fund and stock market. The startup on Wednesday launched Share.Market, a platform that lets users open trading accounts and invest in stocks, mutual funds, and ETFs.
Share.Market elevates discount broking by offering market intelligence and quantitative research-based WealthBaskets, a scalable technology platform, the company said in a statement.
Retail investors can buy stocks, execute intraday trades, buy curated wealth baskets, and invest in mutual funds using the Share.Market mobile app and dedicated web platform, it added.
The platform will also include a separate Markets section with an easy-to-use “Watchlist” tracker for monitoring the stock market, indices, stocks, and sectors.
The Bengaluru-based company is looking to actively play in the passive investing use case with “WealthBaskets”. At the same time, PhonePe’s strategy for entering the stockbroking market is identical to that of arch-rival Paytm.
The Sebi-registered intermediaries behind WealthBaskets curate collections of stocks and investment products. The company claimed that building an active equity portfolio is effortless and affordable as it aligns with specific themes, industries, or market trends.
Sujit Modi, a founder of OpenQ, has been appointed as the company’s chief investment officer, and Ujjwal Jain, cofounder and CEO of WealthDesk, has been appointed as Share. Market’s chief executive officer.
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.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.
In the stockbroking sector, PhonePe will compete fiercely with companies like Zerodha and Upstox.
With “Pincode”, a hyperlocal platform that enables online commerce between nearby customers and nearby offline stores, PhonePe entered the e-commerce market in April.
