- PhonePe has launched a stock broking app, Share.Market.
- The app facilitates intraday trades and allows users to purchase stocks, mutual funds, ETFs, and WealthBaskets.
- The launch comes as PhonePe is more than three-quarters of the way through its recent $1 billion capital raise target.
Mobile payments app PhonePe announced today that its subsidiary, PhonePe Wealth Broking, has launched a stock broking app called Share.Market.
The new tool, which is available as a mobile app or web platform, enables retail investors and traders to purchase stocks, mutual funds, and ETFs. Share.Market will also offer WealthBaskets– curated collections of stocks/investment products that align with specific themes, sectors, or market trends– and will facilitate intraday trades.
PhonePe anticipates that, thanks to PhonePe’s existing reach and distribution, Share.Market will help more Indians build wealth. That’s because PhonePe has around 480 million registered users, accounting for one in four adult Indians.
“We are delighted to launch Share.Market which further enables our vision of driving Financial Inclusion at a population scale,” said Share.Market CEO Ujjwal Jain. “Our goal is to offer the benefits of discount broking while creating lasting value for our customers as they invest and trade.”
The app will embed real-time, value-rich insights into its products and will offer DIY tools that help investors make informed decisions. There is also a Markets section that enables users to track the stock market, indices, individual stocks, and sectors.
“We will continue to invest in advanced technology, data, research, and immersive experiences to offer these benefits at scale and drive this new era of Value led Discount Broking coupling intelligence with Broking,” Jain added.
The launch of Share.Market comes in the midst of PhonePe’s recent capital-raising streak. Since 2021, the company has brought in $850 million from General Atlantic and Walmart, pushing PhonePe close to the $1 billion capital raise target it announced earlier this year.
PhonePe, which launched in 2015, began offering investing tools, mutual fund products, and insurance tools in 2017. In the six years since, the company has launched several mutual funds and insurance products. PhonePe was most recently valued at $12 billion earlier this spring.