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New Leadership at Share.Market as PhonePe Eyes IPO
Vijay Ajmera now leads PhonePe's broking unit, Share.Market. He takes over from Ujjwal Jain, who left to start his own ventures. This leadership change happens as PhonePe prepares for its public debut. The digital payments firm secured SEBI's approval for its IPO in January 2026, setting the stage for a potential listing that could value the company at around $15 billion. However, PhonePe has postponed its IPO plans due to ongoing global market volatility and geopolitical issues.
Ajmera has deep experience in corporate finance and fintech. He was Vice President and Head of Corporate Finance at PhonePe from April 2019. He also co-founded the digital lending NBFC FundsCorner and held finance roles at e-commerce company Snapdeal. This background is key for Share.Market, India's 19th largest broker, which serves about 2.2 lakh active investors in a highly competitive market.
Share.Market Faces Tough Market Amid Parent's IPO
India's stock brokerage market saw major changes in 2025. Firms like Groww, Zerodha, and Angel One experienced falling revenues and lost investors. This was driven by new regulations, especially for futures and options (F&O) trading, and a period of weak market performance. Brokerages are now shifting from focusing only on trading to offering wealth management, lending, and asset management. Share.Market, though backed by a large parent, has had trouble gaining significant ground and holds a small share among leading brokers.
Ajmera's arrival suggests a focus on operational efficiency and possibly a more cautious growth strategy, different from Jain's entrepreneurial path that included acquiring WealthDesk and OpenQ in 2022. The brokerage sector's success depends heavily on overall market sentiment. Indian stocks have faced significant swings due to global economic factors, oil prices, and geopolitical events. This can reduce retail investor interest and trading volumes. PhonePe's IPO timing also depends on this volatile climate. The company plans a large offer for sale (OFS) potentially raising $1.3 billion to $1.5 billion.
Challenges Ahead: IPO Risks and Broking Competition
Even with PhonePe's strong market standing and SEBI's IPO approval, the path to listing has risks. Ongoing global market swings can hurt liquidity and investor interest, possibly delaying the IPO or affecting its terms. Share.Market faces direct competition from discount brokers like Groww (25.8% market share) and Zerodha (16.5%), which have strong customer bases. Brokerage revenue models are also under pressure. With less focus on derivatives, firms like Share.Market need to quickly build strong wealth management and advisory services. Ajmera's leadership will be watched to see if he can manage the broking unit's operations, align them with PhonePe's IPO goals, and create a unique offering in a crowded market. Earlier marketing efforts by PhonePe for Share.Market yielded limited success in boosting market share.
Ajmera's Path Forward for Share.Market
Ajmera's time at Share.Market will depend on how well he can shape the unit's strategy within PhonePe. Key priorities will likely be strengthening its current investor base and finding ways to grow profitably, especially with PhonePe's IPO upcoming. A successful PhonePe listing could bring much-needed capital and boost confidence in its units. However, ongoing market volatility might require a slower scaling approach for Share.Market. As the sector moves towards offering complete financial services, Ajmera will need to promote diversification beyond just trading to secure Share.Market's future.