Bengaluru-based PhonePe launched its Share(dot)Market app on Wednesday while announcing its venture into stock broking. The new app allows users to invest in stocks, mutual funds and ETFs and provides market intelligence, quantitative research-based WealthBaskets and a scalable technology platform.
Share(dot)Market is available both as a mobile app and on web and users can log in to the platform using mobile numbers linked with their PhonePe accounts. In order to activate their broking and demat accounts, users need to complete the KYC process.
New users have to pay a one-time onboarding fee of Rs 199. However, there will be zero brokerage charge for trades of up to Rs 400. The new platform will compete with the likes of Zerodha and Groww.
Share(dot)Market CEO Ujjwal Jain said, “We are delighted to launch Share(dot)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 a vibrant growth in the active trading community which trades with different objectives. We believe Share(dot)Market will propel this growth with the backing of our technological prowess, reach, seamless onboarding, and superior product experience.”
“Our goal is to offer the benefits of discount broking while creating lasting value for our customers as they invest and trade. We will continue to invest in advanced technology, data, research, and immersive experiences to offer these benefits at scale and drive this new era of value-led discount broking coupling intelligence with broking," he added.
The company stated that “investors and traders can access wealth-building opportunities powered by real-time, value-rich insights and intelligence, embedded into products and DIY tools deeply integrated with execution experience, enabling them to make informed decisions.” Share(dot)Market will host a dedicated markets section to track the stock market, indices, stocks and sectors with an intuitive watchlist tracker.
Share(dot)Market Chief Investment Officer Sujit Modi added, "Share(dot)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.”