Ujjwal Jain, CEO of PhonePe's stockbroking platform Share.Market and its wealth management verticals, has stepped down after four years at the Walmart-backed fintech firm.

In a LinkedIn post announcing his departure, Jain called it the end of a 'decade-long Chapter 1' and hinted at a fresh start.

'This is not a goodbye. This is a relaunch,' he wrote, adding: 'Decade long Chapter 1 is closed. Chapter 2 starts now, and the barriers I want to break are bigger.'

Jain joined PhonePe in 2022 following the acquisition of his ventures, WealthDesk and OpenQ, in a deal valued at about $75 million.

WealthDesk, founded in 2016, enabled users to invest in diversified baskets of stocks and exchange-traded funds, while OpenQ focused on quantitative research and portfolio analytics. The acquisitions marked PhonePe's entry into wealth management.

As part of the deal, Jain and his team were tasked with building Share.Market, the company's investment and stockbroking platform, which launched in 2023 as PhonePe sought to expand beyond its core digital payments business.

Despite heavy marketing spending, Share.Market has struggled to gain ground in a highly competitive sector dominated by platforms such as Groww, Zerodha and Angel One.

As of February 2026, it had secured around 0.5% market share, placing it among the top 20 stockbroking platforms. Data from the National Stock Exchange shows the platform had about 229,383 active investors at that time.

In regulatory filings, PhonePe reported assets under management of Rs 5,838 crore in its mutual fund distribution business as of September last year, alongside 2.3 million monthly systematic investment plans and 1.26 million demat accounts.