PhonePe Expands its Mutual Funds Offering by Adding 7 New Categories
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Digital payments company PhonePe has expanded its mutual fund offering by adding seven new categories of mutual funds on its mobile application.
The new added categories include large cap funds, mid and small cap funds, diversified funds, index funds, hybrid - aggressive and dynamic asset allocation, debt funds, liquid and tax saving funds.
The Flipkart-owned company forayed into financial products in 2018 with gold buying and selling option. In March 2019, the platform made its mutual funds debut with the launch of tax-saving funds. In January this year, investment in liquid fund was introduced on the app, followed by launch of Super Funds, a hybrid investment product that invests across equity, debt funds and gold to diversify risk in one’s portfolio, in May. Under Super Funds, the investors have the option to choose from three categories—conservative, moderate and aggressive—depending on their risk profile.
PhonePe has tied up with Aditya Birla Mutual Fund for both these (liquid and super funds) offerings.
PhonePe in its official statement said its 230 million users will have the option to either opt for expert’s managed investment solution via Super Funds or build their own portfolio by picking from the eight other categories of funds available on the platform.
“At PhonePe, we have always focused on introducing use case driven products to help our customers achieve their financial goals. We launched Super Funds in May this year to assist investors who prefer a comprehensive solution fully managed by experts. The launch of these 7 new curated sets of Mutual Fund categories will cater to investors who want greater flexibility and control in building their own investment portfolio,” said Terence Lucien, Head—Mutual Funds and Gold, PhonePe.