On Wednesday, PhonePe, the digital payments company backed by Walmart, entered the stock broking industry by unveiling its "Share.Market" application.
Through this app, users will have the opportunity to participate in trading and investment activities involving stocks, mutual funds, and exchange-traded funds (ETFs).
The declaration was made by Sameer Nigam, the CEO and Founder of PhonePe, who also noted that the stock broking segment is being introduced through the company's subsidiary, PhonePe Wealth.
In 2021, PhonePe embarked on its entrance into the fiercely competitive stockbroking landscape in India, pending regulatory clearance from the Securities and Exchange Board of India (SEBI). This sector is presently controlled by entities like Zerodha, Groww, and Upstox.
This achievement comes after PhonePe's recent financial injection of $100 million from General Atlantic and other co-investors.
Earlier in the same year, the company obtained $100 million from Ribbit Capital, Tiger Global, and TVS Capital Funds, and subsequently secured an additional $200 million in primary capital from Walmart in March.
