Mumbai-based stock broking company Angel One is set to appoint Arief Mohamad as its new chief business officer, two people in the know said.
Mohamad has already put in his papers at Flipkart, where he was heading the fashion vertical, the second person added.
According to his profile on social media platform Linkedin he has spent close to a decade at Flipkart, having joined the ecommerce major back in September 2015.
Mohamad will be the replacement for Prateek Mehta, who was the chief business officer at Angel One till April 2024. Mehta, one of the cofounders at mutual fund distribution startup Scripbox has now assumed the role of a partner at South Park Commons, the Silicon Valley-based venture investor.
South Park Commons recently entered into India in partnership with Flipkart cofounder Binny Bansal.
Emailed queries to both Flipkart and Angel One went unanswered.
Angel One, a stock broker founded by Dinesh Thakkar back in 1996 has been on a transformation journey over the last few years and has been competing with new age tech brokers like Zerodha and Groww in terms of active customers.
As per latest numbers released by the NSE, Angel One has close to 7 million active traders, third to Groww and Zerodha.
The company has diversified into a larger financial services play with credit and wealth management verticals along with stock broking.
In the June quarter of FY24, Angel One reported Rs 1,410 crore in total income and net profit of Rs 292 crore.
Zerodha is focusing on bolstering its long-term wealth management strategy, exploring opportunities to integrate its trading and mutual fund businesses. The Bengaluru-based company currently operates distinct platforms, Kite and Coin, for trading and mutual fund transactions, respectively, but aims to unlock greater synergies between them. Currently, Zerodha has different applications – Kite and Coin – for stock trading and mutual fund transactions, respectively.
India’s quick commerce sector is seeing a surge in competition with major players like Amazon, Flipkart, and Ola planning to enter. Established names such as Blinkit, Zepto, and Swiggy’s Instamart continue to expand. New investments and leadership changes mark this dynamic industry’s rapid growth.
