PhonePe’s Share.Market CEO Ujjwal Jain steps down
01 May 2026, 05:32 PMIn a LinkedIn post, Jain described his exit as the close of a long phase and the beginning of something new.
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Ujjwal Jain, CEO of PhonePe’s stockbroking arm Share.Market, has stepped down after a four-year tenure.
In a LinkedIn post, Jain described his exit as the close of a long phase and the beginning of something new.
"This is not a goodbye. This is a relaunch," he said.
Before joining PhonePe, Jain founded WealthDesk in 2016 to help investors build diversified portfolios using stocks and ETFs, along with OpenQ, a platform focused on quantitative research and portfolio insights.
In 2022, PhonePe acquired both startups for around $75 million, bringing Jain and his team on board to build its investment and broking offerings.
Following the acquisition, Share.Market was launched in 2023 as PhonePe expanded beyond payments into wealth and investment services.
Despite significant marketing efforts, the platform has found it difficult to break into a space largely led by players like Groww, Zerodha, and Angel One, holding only a small share of the market as of early 2026.
In March, PhonePe decided to defer its initial public offering (IPO) plans citing geopolitical conditions after filing updated draft red herring prospectus (UDRHP) with the market regulator Securities and Exchange Board of India (SEBI) in January.
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