Home / Business and Economy / Share.Market CEO Jain Departs for New Venture
Share.Market CEO Jain Departs for New Venture
1 May
Summary
- CEO Ujjwal Jain exits PhonePe's Share.Market after four years.
- Jain founded WealthDesk and OpenQ before their PhonePe acquisition.
- PhonePe's IPO plans are postponed due to market conditions.
Ujjwal Jain, the chief executive officer of PhonePe's stock trading platform Share.Market, has stepped down after four years with the company. He characterized his departure as a "relaunch" for a new venture with ambitions to break bigger barriers.
Jain brings a strong background, having founded investment technology startup WealthDesk and quant-focused firm OpenQ, both of which were acquired by PhonePe in 2022. He then spearheaded the launch of Share.Market in August 2023, positioning it against competitors like Zerodha and Groww.
This executive change occurs as PhonePe has reportedly paused its initial public offering (IPO) plans. The postponement of the planned $1.3 billion IPO is attributed to several factors, including pricing concerns, volatile market conditions, and ongoing geopolitical tensions.
