PhonePe To Take On Zerodha, Groww With Stock Broking Platform

Walmart-owned fintech decacorn PhonePe has ventured into stock broking with the launch of Share.Market, under its subsidiary PhonePe Wealth Broking.

Share.Market offers stocks (intraday and delivery), mutual funds, exchange-traded funds (ETFs) and WealthBaskets. WealthBaskets are curated collections of stocks or investment products by SEBI-registered intermediaries that align with specific themes, sectors or market trends, enabling active equity portfolio building.

Share.Market will offer users market intelligence, quantitative research-based WealthBaskets and a scalable technology platform. Share.Market is currently available as a mobile app and a dedicated web platform, enabling retail investors to buy stocks, do intra-trades and buy curated WealthBaskets and mutual funds.

For now, the app has been launched on the Google Play Store and the Apple App Store with a few features, with the fintech decacorn planning to roll out features over the next two years.

The platform will charge either 0.05% of the executed order or INR 20, whichever is lower as brokerage charges for delivery and intraday orders. Share.Market will also charge INR 199 as one-time onboarding charges. 

Once onboarded, a user can avail benefits such as zero brokerage charges up to INR 400 on orders, zero platform fees for in-house and third-party WealthBaskets and zero charges on WealthBasket transactions till March 31, 2024.

With its stockbroking platform, PhonePe will compete not only with tech startups like Zerodha, Groww, and Upstox but also with legacy stockbroking firms.

Speaking during the launch, Ujjwal Jain, CEO, Share.Market, said, “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.” 

In a statement, PhonePe said Share.Market will offer quantitative research along with execution, a proven tech platform, at a competitive price. This will help create an investing journey focused on wealth creation by taking a customer-first approach.

Via the platform, investors and traders can access wealth-building opportunities powered by real-time, value-rich insights and intelligence embedded into products and DIY tools integrated with execution experience, enabling them to make informed decisions. 

The platform will also host a dedicated markets section to track the stock market, indices, stocks and sectors with an intuitive watchlist tracker.  PhonePe users can install the app as well as access the web platform by using their PhonePe-linked mobile numbers. Once they log in, they can complete the KYC process to activate their broking and demat accounts.

Sujit Modi, CIO, Share.Market added, “Share.Market will bring newer demographics into Broking, helping them get started on their investing journey with off-the-shelf quant research-led offerings including WealthBaskets. With our user-friendly interface which will integrate global standard quant research-based wealth solutions with broking for research-led guidance, we aim to reshape the way investors and Traders engage with the stock market.”

PhonePe, having raised $850 Mn in equity funding so far this year, has introduced multiple new products recently. Last month, the fintech decacorn added income tax payment and health insurance to its kitty of fintech products, alongside UPI Lite, merchant lending marketplace and point-of-sale (PoS) devices.