Biznextindia : Walmart backed fintech company Phonepe has announced its foray into stock broking sector with the launch of its new application named “Share.Market.” Through this app, users will have the capability to engage in trading and investment activities involving stocks, mutual funds, and exchange-traded funds (ETFs).
Sameer Nigam, the CEO and founder of PhonePe, remarked that the company had recently diversified into lending, insurance, and payment gateway services. Over the past four years, they had initiated mutual fund distribution and are now extending their services into stock broking via their subsidiary, PhonePe Wealth.
During the year 2022, PhonePe completed the acquisition of two wealthtech platforms, WealthDesk and OpenQ, collectively valued at $70 million. This strategic acquisition formed an integral part of PhonePe’s ongoing strategy to expand its range of financial services beyond the realm of payments.
Back in 2021, PhonePe embarked on the journey of entering India’s competitive stockbroking landscape, awaiting approval from the Securities and Exchange Board of India (SEBI) to proceed with this initiative.