Flipkart’s digital payments arm , PhonePe has launched its own wealth management unit, PhonePe Wealth Services, with an initial authorised capital of $7.12 million (₹50 crore ) and paid up capital of $2.85 million (₹20 crore). The service is primarily aimed at millennials.
Terence Onie Lucien, PhonePe mutual funds head, and Aniruddha Shashkant Patwardhan, the chief of the engineering vertical at Flipkart financial services, are the directors of the new wealth management platform.
PhonePe Wealth Services will act as an agent, advisor, and consultant to financial services such as deposits, mutual funds, government securities, and ad debentures, among others.
Flipkart has pumped in $500 million to PhonePe, and the latter has reportedly exhausted about 50% of the amount. It is spending on advertising and promotions to build its offline payments market.
PhonePe cofounder and CEO Sameer Nigam has brought clarity to the company’s plans in wealth management. He reportedly said that PhonePe aims to tap the growing base of Millennials looking to manage their wealth.