People · Financial Services

Wealth vertical head Ujjwal Jain steps down after 4 years

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Ujjwal Jain, founder of WealthDesk and OpenQ, stepped down as CEO of Share.Market and wealth verticals after about four years

Vijay Ajmera, a senior leader with seven years tenure, took over as business head of Share.Market in February 2026 and now leads the wealth vertical

PhonePe filed an updated DRHP for an IPO offering only an offer for sale (OFS) with no fresh capital raised

Ujjwal Jain stepped down as CEO of PhonePe's Share.Market wealth vertical after four years.
He founded WealthDesk and co-founded OpenQ, both acquired by PhonePe in May 2022 for approximately $75 million.
Vijay Ajmera took over as business head of Share.Market in February 2026 and now leads the wealth vertical.
Nilesh Nayak continues to lead the mutual funds business and reports to Ajmera.
Sujit Modi, co-founder of OpenQ, oversees investing and analytics functions under Ajmera.
The IPO targets raising ₹12,000 Cr at a valuation of roughly $15 billion.
The IPO was temporarily paused in March 2026 due to geopolitical tensions and global equity volatility.

Share.Market has struggled to gain significant market share against competitors like Groww and Zerodha.
It holds only about 0.5% market share among top stockbroking platforms as of February 2026.
Regulators have proposed a 30% market share cap which could impact PhonePe's UPI dominance.

PhonePe processes the largest volume of transactions in India's Unified Payments Interface (UPI).
It crossed 1,000 crore transaction volume in March 2026 alone.
Total processed transactions reached ₹14.48 lakh crore in March 2026.
The company operates Share.Market for stockbroking and investment services launched in 2023.
Its mutual fund business manages Rs 5,838 Cr AUM as of September prior year.
The platform facilitated 2.3 million monthly SIPs and had 1.26 million demat accounts.
PhonePe reported a net loss of ₹1,444.4 Cr in H1 FY26, widening by 20% year-on-year.
Operating revenue rose 22.2% to ₹3,918.5 Cr during the same half-year period.

PhonePe continues preparing for its Initial Public Offering (IPO) despite recent pauses.
The leadership team is restructuring to stabilize the wealth management vertical.