The Share.Market app will allow users to engage in trading and investments encompassing stocks, mutual funds, and exchange-traded funds (ETFs).
Walmart-backed digital payments firm PhonePe forayed into the stock broking sector on Wednesday, with the launch of its “Share.Market” app.
The app will allow users to engage in trading and investments encompassing stocks, mutual funds, and exchange-traded funds (ETFs).
Sameer Nigam, Founder and CEO of PhonePe, made the announcement, adding that the stock broking business has been launched under its subsidiary PhonePe Wealth.
PhonePe initiated its journey into India’s competitive stockbroking domain in 2021, awaiting regulatory approval from the Securities and Exchange Board of India (SEBI). The sector is currently dominated by players such as Zerodha, Groww, and Upstox.
This milestone follows PhonePe’s recent capital boost of $100 million from General Atlantic and co-investors.
Earlier in the year, the company secured $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds, followed by an additional $200 million in primary capital from Walmart in March.
Source By: indiatoday
