The mobile app and web platform offer products such as WealthBaskets, which are curated collections of stocks and investment products by SEBI-registered intermediaries.
Walmart-backed financial technology firm PhonePe has ventured into stock broking with a separate brand and mobile app named ‘Share.Market’. The app will feature a range of investment products including stocks (intraday and delivery), mutual funds, and exchange-traded funds (ETFs).
The mobile app and web platform offers retail investors with market intelligence content and quantitative research-led offerings such as WealthBaskets, which are curated collections of stocks and investment products by SEBI registered intermediaries that align with specific themes, sectors, or market trends which allows users to build active equity portfolio.
WealthBaskets for investors are now live on the platform while a slew of features including capabilities to build personalized WealthBaskets, portfolio analytics optimizer, and quant analytics around stocks and mutual funds are expected to be added on the platform soon. For trades, Share.Market will provide Futures and Options (FnO) strategy building capabilities and visual trading tools.
The company said the product aims to bundle intelligence, execution and convenience at scale through its quant research solutions to shift discount broking from transaction-led to value-led experience.
Share.Market is led by Ujjwal Jain and Sujit Modi, founders of wealth management companies WealthDesk and OpenQ that PhonePe acquired in May 2022.
“Our goal is to offer the benefits of discount broking while creating lasting value for our customers as they invest and trade. 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,” Ujjwal Jain, Chief Executive Officer, Share.Market, said. The platform will also host a dedicated markets section to track the stock market, indices, stocks, and sectors with an watchlist tracker. PhonePe users can install the app as well access the web platform by using their PhonePe-linked mobile numbers. Once logged-in, they can complete the KYC process to activate their broking and demat accounts.Talking about leveraging the PhonePe customer-base to grow the stock broking business, Sameer Nigam, founder and CEO of PhonePe, said, “Our thinking is PhonePe will be able to drive awareness of Share.Market at a very high level across the segments, because in payments, we play across all segments. Our job on the PhonePe side, as the scaffolding on the top of the tunnel, will be to direct people with the right value offering [to Share.Market].”
Bengaluru-based PhonePe claims to have 48 crore registered users besides having digitized 3.6 crore offline merchants spread across the country. In addition to its digital payment services, the company has introduced mutual funds, insurance and merchant-lending products, and is now preparing to launch consumer lending offerings as well as its own app store in India.
“The PhonePe data and segmentation of cohorts has a very high relevance from the potential to educate and direct the right set of customers to Share.Market. It is an edge that rest of the players in the market don’t have. We will definitely be using that in a significant way as the product matures,” Rahul Chari, Co-Founder and CTO of PhonePe, added.
