Stock broking platform Share(dot)Market launched by online payment platform PhonePe
The online payment company PhonePe has announced that its subsidiary PhonePe Wealth Broking Pvt. Ltd. will begin offering stock brokerage services through the Share(dot)Market.
Share(dot)Stocks and ETFs are available on the market. The company announced in a release that it would soon roll out F&O and other segments. Retail investors will be able to purchase mutual funds, curated WealthBaskets, stocks, and intraday trades on the platform. Its platform for market intelligence and quantitative research is called WealthBasket.
The Ujjwal Jain-led platform will also feature a special “markets” section with a user-friendly watchlist tracker for keeping tabs on the stock market, indices, stocks, and sectors. Users of PhonePe can download the app and access the web platform using their mobile numbers that are connected to PhonePe. Once logged in, they can finish the KYC procedure to activate their demat and broking accounts.
PhonePe will be in direct competition with Paytm, Zerodha, Upstox, and Groww as a result.
PhonePe’s ongoing $1 billion funding round is about to come to an end. Since its split from Flipkart, the Bengaluru-based company has already raised $850 million from investors such as General Atlantic, Tiger Global, and others. The company successfully completed its separation from the online marketplace in December 2022 and fully reestablished its Indian domicile.
