Ujjwal Jain Steps Down as CEO of PhonePe’s Share.Market
He joined PhonePe in 2022 following the acquisition of his startups WealthDesk and OpenQ.
Ujjwal Jain has stepped down from his role as CEO of PhonePe’s investment platform Share.Market and its wealth management business, marking the end of his four-year tenure at the fintech company.
Jain shared the update in a LinkedIn post, describing the move as a personal “relaunch” and indicating plans to explore new opportunities at the intersection of AI and financial markets.
He joined PhonePe in 2022 following the acquisition of his startups WealthDesk and OpenQ. Post-acquisition, Jain led the company’s push into wealthtech and played a key role in launching Share.Market in 2023 as PhonePe’s standalone investing platform.
Despite strong backing and expansion efforts, Share.Market remains a relatively small player in India’s competitive brokerage ecosystem, which is dominated by platforms such as Groww, Zerodha, and Angel One. Industry estimates suggest the platform held around 0.5% market share as of early 2026.
Before joining PhonePe, Jain founded WealthDesk in 2016, a platform offering curated stock and ETF portfolios, while OpenQ focused on quantitative investment research and analytics.
Following his exit, PhonePe is understood to have restructured leadership within its wealth division, with senior executives taking over various verticals across investments and mutual funds.
Jain’s departure comes at a time when PhonePe is expanding beyond its core UPI payments business into financial services, with wealth management and broking continuing to be key long-term focus areas.
The development also follows the company’s strong momentum in payments, having recently crossed 10 billion monthly UPI transactions, reinforcing its leadership in India’s digital payments ecosystem.