PhonePe's new app, Share.Market, signifies the company's entry into the stock broking business,
Share.Market aims to offer a diverse investment portfolio, encompassing stocks, mutual funds, ETFs, and the trading platform, WealthBaskets.
The app will be accessible through both mobile and web platforms, offering convenience to users for trading and investment activities.
Contenders in the stock broking arena, like Zerodha, Groww, and Upstox, will likely face intensified competition with PhonePe's entry.
The app will have a one-time onboarding fee of ₹199 and a brokerage of ₹20 or 0.05% per order, whichever is lower.
In pursuit of this venture, PhonePe sought and obtained a license from SEBI, showing their commitment to regulatory compliance.
The company had already acquired two fintech platforms, WealthDesk and OpenQ, with a total valuation of $70 million.
They also received a substantial $100 million in funding from General Atlantic in May 2023, significantly augmenting their financial resources for the new market venture.
PhonePe's integration of Share.Market with its well-established ecosystem and user trust will make a significant impact on India's stock broking landscape.