Digital payments platform PhonePe has rolled out a Super Fund – an investment solution that offers exposure to equity, gold and debt funds of mutual fund companies.
The aim is to aid long-term wealth creation in a secure manner.
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The solution is the result of PhonePe’s tie-up with Aditya Birla Sun Life Mutual Fund (ABSLMF).
Aditya Birla Sun Life AMC MD and CEO A. Balasubramanian said: “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.”
The new offering invests in top funds across multiple categories and asset management companies (AMCs).
It offers Aggressive, Moderate, and Conservative options depending on the risk profile of the user.
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By GlobalDataThe Aggressive option includes a higher proportion of equity funds, while the Conservative variant includes a higher proportion of debt funds.
The Moderate variant has a blend of equity, gold and debt.
To make investments, PhonePe users have to log in to the PhonePe app, visit “My Money” section and tap on Super Funds.
All they need to do after that is to choose the risk option and put the amount to complete the one-time investment account set up.
The minimum investment requirement is INR500 ($6.60).
PhonePe head of Mutual Funds Terence Lucien 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.”
