PhonePe’s Share.Market CEO Ujjwal Jain steps down

Synopsis

Ujjwal Jain, CEO of PhonePe's stock trading platform Share.Market, has departed after four years, calling it a "relaunch" for his next venture. Jain, who founded WealthDesk and OpenQ before their acquisition by PhonePe, led the launch of Share.Market in August 2023. This move occurs as PhonePe has postponed its IPO plans.

Ujjwal Jain, chief executive officer (CEO) of PhonePe’s stock trading platform Share.Market, has stepped down after completing four years at the Walmart-backed fintech company.

Jain shared the update in a LinkedIn post, describing it as “not a goodbye” but a “relaunch.”

“Decade long Chapter 1 is closed. Chapter 2 starts now — and the barriers I want to break are bigger,” he wrote.

Jain is the founder of investment technology startup WealthDesk and OpenQ, which focuses on quant-led research and portfolio analytics, both of which were acquired by PhonePe in 2022.

PhonePe launched Share.Market under Jain’s leadership in August 2023, placing the platform in direct competition with online discount brokers such as Zerodha, Paytm, Groww and Upstox.

The development comes at a time when PhonePe has paused its planned $1.3 billion IPO due to pricing concerns, volatile market conditions and geopolitical tensions.

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