PhonePe, the Walmart-backed payments app, continues its expansion into new categories with the launch of Share.Market, an app that allows users to invest in stocks, mutual funds, and ETFs. With over 450 million users, PhonePe aims to leverage its vast user base to enter the stock and mutual fund arena and compete with other players in the market.
Entering a Crowded Market
PhonePe faces stiff competition in the stock-broking market, with estimates suggesting an audience of 10 million to 15 million. Zerodha currently leads the market, while other notable players include Groww, Dhan, INDmoney, Upstox, and Smallcase. However, PhonePe plans to distinguish itself by offering aggressive discounts on broking prices, as well as providing comprehensive quantitative research and trading strategies.
Leveraging Technological Prowess
Ujjwal Jain, the CEO of Share.Market, believes that the app will capitalize on the increasing percentage of Indian savings being directed towards equities. With PhonePe’s technological prowess, seamless onboarding process, and superior product experience, Jain expects Share.Market to drive growth within the active trading community.
The Rise of Investment in India
The 2021 bull market attracted a significant number of Indians to venture into stock investments for the first time. Additionally, wealth management is gaining traction in the country. Jio Financial Services, the financial arm of Reliance Industries, recently partnered with BlackRock to offer diverse investment opportunities to Indians.
Key Takeaway
PhonePe, the Walmart-backed payments app, has launched Share.Market, an app that allows users to invest in stocks, mutual funds, and ETFs. With aggressive discounts on broking prices and comprehensive research and trading strategies, PhonePe aims to differentiate itself in the crowded market.
“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,” said Ujjwal Jain, CEO of Share.Market.
