Dec 26: Flipkartâ€™s payments and financial app PhonePe, in a filing with the Registrar of Companies (RoC) said that it has introduced a wealth management unit.
In the filing, the company also said that PhonePe Wealth Services Pvt Ltd, integrated on November 15, has been established with an authorized capital of Rs 50 crore and a paid up capital of Rs 20 crore. Terence Lucien, head of mutual funds at PhonePe and Aniruddha Patwardhan, chief of the engineering vertical at Flipkart’s payment and financial services arm are the Directors of the PhonePe Wealth Services. The filing however did not disclose who will be heading the new entity.
Personal finance and wealth management services, including investment planning, real estate planning, and tax planning and portfolio management, will be the services provided by PhonePe. In the filing, the company also said that the entity will work as an agent, adviser, and distributor of financial products like deposits, mutual funds, government securities, shares, stocks, bonds, debentures, digital gold, e-gold, exchange-traded funds, alternative investment funds, real estate investment trust, pension schemesÂ andÂ retirement schemes.
The details of whether the services will be integratedÂ toÂ the PhonePe app or on a new platform are not yet out. It is also unclear if the company has begun with formal operations.
Paytm had also launched a similar wealth management entity earlier this year. ItÂ is postÂ this, PhonePe is doing the same. Â Paytm launched Paytm Money in January and appointed Pravin Jadhav,Â wishbergÂ founder as the senior vice-president to head the entity.
Various other companies also launched ther financial services and wealth management services. In November Kunal Shah, founder of Freecharge announced the launch of Cred, his new fin-tech entity. Bennett, Coleman and Company Pvt Ltd (BCCL), the renowned media conglomerate with the launch of ET Money App in 2016 entered the financial products and wealth management services.
PhonePe is a late entrant to the wealth management unit when compared to its rivals such as Paytm and Google Pay.