<p>Walmart-backed payments platform PhonePe is mulling applying for an Asset Management Company (AMC) licence to sell its mutual funds, its co-founder and CEO Sameer Nigam <a href="https://economictimes.indiatimes.com/tech/startups/phonepe-mulls-own-mutual-fund-business-application/articleshow/85885859.cms?from=mdr" target="_blank">told </a><em>The Economic Times.</em></p>.<p>The move will help PhonePe build a wider financial services business beyond its payments business. In the April-June quarter of this year, PhonePe clocked over 3.94 billion transactions. </p>.<p>Even though Nigam did not disclose the timeline for the application, he hinted that PhonePe had a good chance of getting there at some point in time. “We may apply for a mutual funds licence. I think we will be able to get there at some point. I fancy a chance of getting there,” Nigam told the publication.</p>.<p>According to the report, PhonePe is eyeing financial services market in tier 3 and tier 4 towns, where a majority of its users are based.</p>.<p>Currently, PhonePe sells mutual funds of other companies on its platform. “We just launched with SIPs using e-mandates on the Unified Payments Interface (UPI). We have seen an explosion of new SIPs, though small-ticket size. We are seeing early product match,” he said on the adoption of financial services products among PhonePe users.</p>.<p>The digital payments platforms also sells insurance online with a limited insurance ‘corporate agent’ licence, which restricts it to partner with only three insurance companies per category.</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/zerodha-gets-in-principle-approval-to-launch-mutual-fund-says-nithin-kamath-1025924.html" target="_blank">Zerodha gets in-principle approval to launch mutual fund, says Nithin Kamath</a></strong></p>.<p>This comes days after broking firm Zerodha's CEO Nithin Kamath announced that it has received in-principle approval from capital markets regulator Sebi to set up an asset management company. </p>.<p>Meanhwile, Flipkart cofounder Sachin Bansal's Navi, which has launched its AMC, has also applied to Sebi to launch as many as 10 new mutual funds.</p>
<p>Walmart-backed payments platform PhonePe is mulling applying for an Asset Management Company (AMC) licence to sell its mutual funds, its co-founder and CEO Sameer Nigam <a href="https://economictimes.indiatimes.com/tech/startups/phonepe-mulls-own-mutual-fund-business-application/articleshow/85885859.cms?from=mdr" target="_blank">told </a><em>The Economic Times.</em></p>.<p>The move will help PhonePe build a wider financial services business beyond its payments business. In the April-June quarter of this year, PhonePe clocked over 3.94 billion transactions. </p>.<p>Even though Nigam did not disclose the timeline for the application, he hinted that PhonePe had a good chance of getting there at some point in time. “We may apply for a mutual funds licence. I think we will be able to get there at some point. I fancy a chance of getting there,” Nigam told the publication.</p>.<p>According to the report, PhonePe is eyeing financial services market in tier 3 and tier 4 towns, where a majority of its users are based.</p>.<p>Currently, PhonePe sells mutual funds of other companies on its platform. “We just launched with SIPs using e-mandates on the Unified Payments Interface (UPI). We have seen an explosion of new SIPs, though small-ticket size. We are seeing early product match,” he said on the adoption of financial services products among PhonePe users.</p>.<p>The digital payments platforms also sells insurance online with a limited insurance ‘corporate agent’ licence, which restricts it to partner with only three insurance companies per category.</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/zerodha-gets-in-principle-approval-to-launch-mutual-fund-says-nithin-kamath-1025924.html" target="_blank">Zerodha gets in-principle approval to launch mutual fund, says Nithin Kamath</a></strong></p>.<p>This comes days after broking firm Zerodha's CEO Nithin Kamath announced that it has received in-principle approval from capital markets regulator Sebi to set up an asset management company. </p>.<p>Meanhwile, Flipkart cofounder Sachin Bansal's Navi, which has launched its AMC, has also applied to Sebi to launch as many as 10 new mutual funds.</p>