PhonePe launches seven new mutual funds categories to deepen its retail investment offering
PhonePe, Bengaluru-based fintech startup, on Monday launched seven new mutual fund categories on its platform in an attempt to bolster its retail investment offerings and provide a full suite of financial services to its 230 million registered users.
The new mutual fund categories include large-cap, mid-, and small-cap, diversified funds, index funds, hybrid funds, debt, liquid, and tax saving funds.
With the new options, PhonePe users will be able to either opt for expert-managed funds or build their own portfolios through curated mutual funds, the fintech startup said.
"The launch of these seven new curated sets of mutual fund categories will cater to investors who want greater flexibility and control in building their own investment portfolio. We are confident that our latest set of offerings will cater to the aspirations of every Indian by allowing them to grow their wealth and meet their financial aspirations," Terence Lucien, Head of Mutual Funds and Gold at PhonePe, said in a release.
In May, the Flipkart-owned startup had launched another investment product called 'Super Funds' — a solution that invests across multiple top equity, gold, and debt funds of different mutual fund companies, in partnership with investment manager Aditya Birla Sun Life Mutual Fund (ABSLMF).
'Super Fund' was launched to afford users the flexibility to choose between three options – Aggressive, Moderate, and Conservative – based on the investor's investment style and risk comfort. The new seven categories provide retail investors with more options, and gives them more control over their money and the funds they invest in.
First-time investors can use PhonePe's investing section — which provides detailed information on every mutual fund listed on the platform — as a jumping-off point for educating themselves about financial instruments and manage their investments.
Paytm Money, earlier in the day, officially launched its stockbroking platform, targeting over 10 lakh users in the current fiscal year, most of which are expected to be first-time users. With extensive mutual, debt, gold, tax savings, and equity funds options, Paytm Money is PhonePe's biggest competitor.