Walmart’s subsidiary, PhonePe, unveiled its venture into the stockbroking realm on Wednesday, marking its diversification into diverse verticals beyond digital payments.
Under its financial wing, PhonePe Wealth Broking Pvt. Ltd., the fintech giant has introduced an app named Share.Market. This platform not only simplifies the process of opening trading accounts but also offers investment avenues in stocks, mutual funds, and ETFs. A unique offering is its WealthBaskets, which are quantitative research-based investment tools developed by SEBI-approved entities, centering around distinct market themes and sectors.
This strategic move follows closely on the heels of PhonePe securing an impressive $850 million through fundraising ventures. Earlier, PhonePe had also ventured into the e-commerce domain with the launch of an online shopping app, Pincode, grounded on the ONDC platform.
Although the discount broking app, Share.Market, is accessible both as a mobile app and a web platform, PhonePe’s journey in the brokerage arena promises to be challenging. A direct face-off with dominant players like Zerodha, Groww, and Upstox awaits PhonePe. Sameer Nigam, the founder and CEO of PhonePe, acknowledged these anticipated challenges during a media session after the launch.
However, Nigam expressed confidence in PhonePe’s ability to amplify the visibility and user-awareness of Share.Market. Ujjwal Jain, the CEO of Share.Market, echoed this sentiment, emphasizing the rise in equity investments recently. He said, “Given our technological edge, expansive reach, and enhanced user experience, we are optimistic about driving growth in the active trading sector.”
Sujit Modi, Share.Market’s Chief Investment Officer, emphasized the platform’s goal to attract newer age groups into stockbroking. Their primary aim, he said, is to offer the perks of discount broking and ensure enduring value for users, facilitating them in their investment journeys, especially with unique offerings like WealthBaskets.