PhonePe, a digital payments company with backing from Walmart, has entered the stock broking sector with the introduction of its new app called “Share.Market.” This app offers users the opportunity to participate in trading and investment activities, including stocks, mutual funds, and exchange-traded funds (ETFs).
The CEO and Founder of PhonePe, Sameer Nigam, revealed this development and highlighted that the stock broking services are being launched through their subsidiary, PhonePe Wealth. PhonePe embarked on its venture into India’s competitive stockbroking arena in 2021, pending regulatory approval from the Securities and Exchange Board of India (SEBI). Notable players in this domain currently include Zerodha, Groww, and Upstox.
This accomplishment comes on the heels of PhonePe’s recent infusion of $100 million in funding from General Atlantic and other co-investors. Earlier in the year, the company had secured funding of $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds, followed by an additional $200 million in primary capital from Walmart in March.
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