Home Business PhonePe has announced the launch of a new mobile application called ‘Share Market’

PhonePe has announced the launch of a new mobile application called ‘Share Market’

by khushahal vishwakarma

 Under its subsidiary PhonePe Wealth Broking, marking its entry into the stock broking business.

According to a report by CNBC-TV18, Samir Nigam, the CEO and Co-Founder of the company, mentioned that the introduction of the leading digital payment platform’s new market intelligence app is a significant step towards expanding its financial services offerings.

The Share(dot)Market app by PhonePe aims to empower users to trade and invest in stocks, mutual funds, and Exchange-Traded Funds (ETFs). It provides a scalable technology platform that enhances discount broking through market intelligence and data-driven wealth baskets. The app will be available as both a mobile application and a dedicated web platform, enabling retail investors to purchase stocks, participate in intraday trades, and buy curated wealth baskets and mutual funds.

In 2022, PhonePe acquired two wealth tech platforms, WealthDesk and OpenQ, at a combined value of $70 million. This acquisition was seen as part of PhonePe’s ongoing expansion in the realm of financial services beyond payments, as per Moneycontrol.

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The Share(dot)Market app, as reported by CNBC-TV18, offers an extensive spectrum of investment products, including stocks (intraday and delivery), mutual funds, Exchange-Traded Funds (ETFs), and wealth baskets.

The concept of wealth baskets involves curated collections of stocks or investment products registered with SEBI (Securities and Exchange Board of India). These baskets are tailored to specific themes, sectors, or market trends, offering active equity portfolio building capabilities at a lower cost.

The platform also features a dedicated market section with an intuitive watchlist tracker to monitor the share market, indices, stocks, and sectors. Users can install the app using their PhonePe-linked mobile number and access the web platform as well. Once logged in, they can complete the KYC process to activate their broking and demat accounts.

At the beginning of this year, global private equity firm General Atlantic announced an additional investment of $100 million (₹820 crore) in PhonePe, the digital payment company owned by Walmart Inc. This investment makes General Atlantic the largest investor in India’s leading fintech startup, upholding its valuation from the previous funding round in the case of UPI transactions.

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