Phone Pe (Image: x.com/Phone Pe)

Phone pay, the digital payments platform announced its foray into stock broking with its app, share.market, under its subsidiary Phone Pe Wealth Broking. Share.market, the discount broking platform will provide market intelligence and quantitative research-based wealth baskets. The app will also be available as a web platform, which would enable retail investors to buy stocks, curated wealth baskets and mutual funds and also to engage in intraday trades.

Ujjwal Jain, Chief Executive Officer (CEO) at Share.Market said, “we are delighted to launch Share.Market which further enables our vision of driving financial inclusion at a population scale. In the last few years, we have seen an increase in the percentage of savings going into equities in a big way. There is vibrant growth in the active trading community which trades with different objectives. We believe Share.Market will propel this growth with the backing of our technological prowess, reach, seamless onboarding, and superior product experience.

Phone Pe Wealth Broking which is a subsidiary of Phone Pe and is a stock broker is registered with NSE and BSE. It has CDSL as a depository participant and AMFI as a mutual fund distributor, reported the ET.

The app will allow to track market, stocks, indices and sectors, with an intuitive watchlist tracker, the mint said. Users can login in, complete the KYC process to start their broking and demat accounts.

Phone Pe was launched in 2015 and is one of India’s major payment app. In 2022, it acquired WealthDesk and OpenQ, both wealth tech platforms which were valued at $70 million. As per money control, these moves were part of Phone Pe’s foray into financial services beyond payments.

Earlier this year, General Atlantic, the global private equity firm, had announced $100 million (Rs. 820 crore) into Phone Pe, this was in addition to an earlier investment.