Highlights
Ujjwal Jain, the chief executive officer (CEO) of PhonePe’s stockbroking platform Share.Market and its wealth management segments, has resigned after a four-year tenure with the Walmart-supported fintech firm. Jain shared news of his exit in a post on LinkedIn, referring to it as the conclusion of a “decade-long Chapter 1” while teasing a new beginning. According to him, this isn’t a farewell but rather a fresh launch.
Background on Jain’s Initiatives
In 2016, Jain established WealthDesk, allowing users to invest in a variety of stock baskets and ETFs. Additionally, he founded OpenQ, which specialised in quantitative research and portfolio analytics. In May 2022, PhonePe acquired both WealthDesk and OpenQ in a transaction estimated at approximately $75 million, marking its entry into the wealth management sector. Reports indicate WealthDesk was purchased for around $50 million, while OpenQ was acquired for roughly $25 million. Following this deal, Jain and his team integrated into PhonePe to develop its investment and stockbroking platform, Share.Market, which launched in 2023, aiming to broaden its operations beyond the core payments domain.
PhonePe heavily invested in marketing to promote Share.Market. Nevertheless, it has encountered challenges in gaining traction within a sector largely ruled by competitors such as Groww, Zerodha, and Angel One. As of February 2026, Share.Market has managed to secure a place among the top 20 stockbroking platforms, holding a modest 0.5% market share. Similar difficulties seem to be unfolding in the wealth management division.
Jain’s Future Prospects
Although Jain did not disclose his upcoming plans, he hinted that his next venture would focus on opportunities arising in an “AI-first world,” with particular interest in capital markets and wealth management.