PhonePe To Take On Zerodha, Groww With Its New Stock Broking App Share.Market

Walmart-backed digital payment platform PhonePe announced its foray into the stock broking business with the launch of its app called "Share.Market," under its subsidiary PhonePe Wealth Broking, on Wednesday, 30 August. The application will allow users to trade and invest in the stock market, mutual funds (MFs), and exchange-traded funds (ETFs).

Sameer Nigam, CEO and Co-Founder of PhonePe, said the announcement is a significant milestone for the company, marking the completion of offerings in its financial services bouquet. 

"We launched lending, insurance, and payment gateway businesses recently. We started mutual fund distribution four years ago, and now we are entering the stock broking business under its subsidiary, PhonePe Wealth," said Nigam.

Share(dot)Market will be available as a dedicated web platform and a mobile app, allowing retail investors to buy/sell stocks, make intra-day trades, and invest in curated wealth baskets and mutual funds. According to PhonePe, the platform elevates discount broking by providing market intelligence and quantitative research-based WealthBaskets, a scalable technology platform.

PhonePe started its journey into India’s crowded stock market domain in 2021, seeking regulatory approval from the Securities and Exchange Board of India (SEBI). The sector is currently dominated by platforms like Groww, Zerodha, and Upstox.

"Our goal is to offer the benefits of discount broking while creating lasting value for customers as they invest and trade," said Ujjwal Jain, CEO of Share.Market.

PhonePe users can access the platform by using their PhonePe-linked mobile numbers. After logging in, they can complete the KYC process to activate their brokerage and demat accounts. The platform will have a dedicated markets section to track the stock market, indices, stocks, and sectors with an intuitive watchlist tracker.