PhonePe’s broking arm, Share.Market, has appointed Vijay Ajmera to lead the business, according to people aware of the development, marking a leadership transition as the company sharpens its focus on its wealth and trading vertical.
Ajmera takes over after Ujjwal Jain, who previously headed Share.Market, stepped down to start up again. Ajmera, a long-time PhonePe executive, had earlier founded a fintech lending firm before joining the Walmart-backed company.
As part of the rejig, mutual funds vertical head Nilesh Naik and chief investment officer Sujit Modi will report to Ajmera, the sources said. Jain and Modi were among the founders of OpenQ, one of the wealthtech platforms acquired by PhonePe.
Confirming his exit in a social media post, Jain hinted at his next venture. “An AI-first world is rewriting every industry — and capital markets and wealth management are no exception. I am going in with more boldness, more clarity, and more fire than ever before,” he said.
Bengaluru-based PhonePe had entered the wealth management space through the acquisition of WealthDesk and OpenQ in 2022 for around $70 million. These platforms were subsequently integrated to build its stock market investment offering under the Share.Market brand.
The platform has steadily scaled since launch and is currently the 19th largest broking firm in the country, with about 2.2 lakh active investors, according to data from the National Stock Exchange.
The leadership change comes at a time when PhonePe is recalibrating its broader strategy. On March 16, the company said it had temporarily deferred its plans to go public, citing geopolitical tensions and volatility in global capital markets.
The fintech major added that it will revisit its listing plans once market conditions stabilise.
Published on May 1, 2026