PhonePe launches Super Fund, an investment solution driving long-term wealth creation

The PhonePe Super Fund identifies and invests in top funds across various categories and asset management companies (AMCs).

Flipkart-owned digital payments platform PhonePehas announced the launch of Super Fund, a solution that invests across multiple top equity, gold and debt funds of different mutual fund companies to help investors create long-term wealth in a safer way. 

PhonePe said it has partnered with investment manager Aditya Birla Sun Life Mutual Fund (ABSLMF) to launch this product. 

Sameer Nigam, CEO of PhonePe

The Super Fund identifies and invests in top funds across various categories and asset management companies (AMCs). The Fund also allows users flexibility to choose between the three options – Aggressive, Moderate, and Conservative – based on the user’s investment style and risk comfort. 

For example, if a user is an aggressive investor, they can choose the Aggressive option, which has a higher proportion of equity funds. If the user is a conservative investor, they can choose the Conservative option with a higher proportion of debt funds. If the user is a moderate investor, they can opt for the Moderate option with the right mix of equity, gold and debt.

As an investor, users just need to decide the right fund for them and leave the rest to ABSLMF’s expert fund managers, who will continuously monitor their investment and keep making changes if the market changes or if the performance of the underlying funds and AMCs change, the company added. 

Terence Lucien, Head of Mutual Funds, PhonePe said, 

“Super Funds will help our 200+ million users create wealth in a simpler and safer way as all the complex investment decisions of finding the right balance between equity, gold and debt; selecting the top funds from over 1,000 options; and continuously reviewing and rebalancing the investments to suit market conditions will be managed by expert Fund Managers.” 

To invest in this solution, PhonePe users need to log in to the PhonePe app (on Android and iOS) and go to the “My Money” section and tap on Super Funds. They can then select the desired option based on their investment style and enter the amount to complete the one-time investment account set up. Users can begin investing with as little as Rs 500 and pay from their bank account using UPI

A Balasubramanian, MD and CEO, Aditya Birla Sun Life AMC Limited added,  "We are confident that the strong reach and accessibility of PhonePe, coupled with Aditya Birla Sun Life Mutual Fund’s expertise will further mutual fund adoption in India. Customer focus and product leadership are the key values that create a more common thread between us and we look forward to sustaining this trust while building value for our customers.”

PhonePe forayed into financial services in 2017 and since then launched Mutual funds and Insurance financial products like tax- saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic.

It also launched its Switch platform in 2018, and today its customers can place orders on over 100 apps including Ola, Myntra, IRCTC, Goibibo, redBus, Oyo etc directly from within the mobile app. PhonePe is accepted at over 10 million merchant outlets across 400 cities nationally.

Edited by Saheli Sen Gupta