Ujjwal Jain, head of PhonePe's stockbroking platform, resigns
What's the story
Ujjwal Jain, the CEO of PhonePe's stockbroking platform Share.Market and wealth management verticals, has resigned from his position. Jain announced his departure on LinkedIn, calling it the end of a "decade-long Chapter 1" and hinting at a new beginning. He said, "This is not a goodbye. This is a relaunch." Jain started WealthDesk in 2016 to help users invest in diversified baskets of stocks and ETFs.
Strategic move
PhonePe acquired Jain's WealthDesk and OpenQ in 2022
In May 2022, PhonePe acquired Jain's companies WealthDesk and OpenQ for an estimated $75 million. The deal was part of PhonePe's expansion into the wealth management space. WealthDesk was reportedly acquired for around $50 million while OpenQ cost about $25 million. After the acquisition, Jain and his team joined PhonePe to develop its investment and stockbroking platform, Share.Market.
Market challenges
Share.Market has just 0.5% market share
Despite PhonePe's aggressive marketing efforts, Share.Market has struggled to make a mark in a space dominated by Groww, Zerodha, and Angel One. As of February 2026, it had managed to enter the top 20 stockbroking platforms with just a 0.5% market share. A similar trend is being witnessed in its wealth management segment too. Jain did not reveal his next move but hinted that opportunities in an "AI-first world," especially in capital markets and wealth management.