Ujjwal Jain, CEO of Share.Market, the stockbroking and wealth platform backed by PhonePe, has stepped down after a four-year stint.
Jain announced his departure via LinkedIn, calling it the end of a “decade-long Chapter 1” and hinting at a new beginning. “This is not a goodbye. This is a relaunch,” he said.
Jain previously founded WealthDesk and OpenQ in 2016, platforms focused on portfolio investing and quant driven analytics. In May 2022, PhonePe acquired both startups in a deal worth around $75 million, marking its entry into the wealth management space.
Following the acquisition, Jain joined PhonePe to lead the development of Share.Market, which launched in 2023 as part of the company’s strategy to diversify beyond payments.
Despite significant investments in marketing and product, Share.Market has faced intense competition from established players such as Groww, Zerodha, and Angel One.
As of February 2026, the platform held around 0.5% market share, placing it within the top 20 stockbroking platforms in India. A similar trend has been observed in its wealth management vertical.
Jain has not disclosed his next move but indicated that his future plans will focus on opportunities in an AI-first world, particularly across capital markets and wealth management.
The leadership change comes as PhonePe continues to expand its financial services ecosystem, including investments in broking, wealth, lending, and insurance.
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