How Share.Market by PhonePe Boosted Promotional Engagement by 20% with Netcore

Share.Market is the stockbroking arm of PhonePe. Launched in August 2023, the platform has onboarded over 1.5 million customers in under two years, with a unified product spanning equities, F&O, ETFs, IPOs, and mutual funds.

What differentiates Share.Market is its research-first approach, built to give investors the right tools and information to make informed investment decisions with absolute confidence. By providing unique, proprietary intelligence, the platform empowers everyone – from first-time investors to seasoned traders – with the conviction to execute their most ambitious market moves.

In its first year, Share.Market primarily used email for marketing push communication:

• Product adoption nudges
• First-investment prompts
• KYC closure reminders

This created two clear gaps.

Tonality was consistently promotional, leaving little room for the brand’s research credibility to come through. And the headline numbers reflected it: open rates were tracking below the fintech benchmark, and click engagement was sitting at roughly low, well under the level the team needed to make email a serious revenue and brand lever.

Share.Market wasn’t looking for incremental tweaks. The team wanted to:

• Align lifecycle messaging with user intent and journey stage
• Reposition email as a brand-building and trust-led communication channel
• Improve click engagement across every key lifecycle journey

Share.Market partnered with Netcore on a structured, two-track engagement strategy: optimise what already existed, and build what was missing. Inbox visibility ran underneath both tracks as a third, foundational workstream.

Track 1: A custom strategy to improve promotional communication

Netcore began with a detailed audit of Share.Market’s existing email programme spanning more than three months. The audit looked at targeting approach, subject lines, content structure and hierarchy, CTA placement, frequency and timing, and messaging tonality.

The audit translated into a custom optimisation playbook across four levers, each with a working insight, not just an activity:

• Segmentation: shifted from blanket sends to journey-stage cohorts. The single biggest gain came from separating intent-to-fund users from already-funded investors on KYC and first-investment flows, which lifted click engagement on those journeys disproportionately.
• Subject lines: moved the most relevant word, ticker, sector, or numeric hook, into the first three words. Curiosity gaps were retired in favour of named outcomes. A/B testing was made standard on every promotional send.
• Best practices for Share.Market: a documented set of email-craft principles built specifically for the brand, calling out which patterns were working, which were diluting credibility, and which to retire.
• Creative optimisation: a clear point of view on which creative format fits which kind of promotional communication, from text-led nudges for KYC reminders to visual hierarchy for product launches.

Track 2: Building a habit-forming branding communication series

Promotional emails could earn opens. They couldn’t earn loyalty.

Share.Market wanted to initiate a habit-building communication that helped the brand stay top-of-mind for everyday investors. Netcore led detailed market research on what kind of email content was winning attention as a branding play. In parallel, Share.Market ran its own consumer research and aligned on a sharp direction: research-oriented content that played to the brand’s core strength.

Share.Market then iterated on multiple content formats, and Netcore worked alongside the team to shape the right structure, cadence, and craft for the inbox.

The result was a daily and periodic content rhythm anchored in research:

• Daily Digest: a same-day market summary with key indices, sector movement, and top stories
• Bulls, Bears & Beyond: a periodic research-led roundup curated by Share.Market Research
• Visually consistent, research-led layouts that signalled credibility at a glance, even before the reader started scrolling

Instead of asking for a click, the brand started showing up as a daily companion to the investor’s morning.

The third workstream: inbox visibility as a deliberate lever

None of this works if the email doesn’t land in the primary inbox.

As volumes scaled with the new branding cadence, Netcore worked with Share.Market to treat inbox placement as an engineered outcome, not a passive metric. The team rebuilt the deliverability posture across three areas: authentication and sender reputation hygiene, engagement-based list management to protect domain health as volumes grew, and ongoing placement monitoring across major mailbox providers. The result was steadier primary-inbox placement at higher send volumes, which compounded every gain on the promotional and branding tracks.

Two years in, the email engine is compounding. The audience base has grown 5X, and click engagement is up 20% across the programme. On the promotional track, the audit-led optimisations lifted click engagement by 85%, with segmentation and subject-line craft driving the steepest gains. On the branding track, the Daily Digest and Bulls, Bears & Beyond series now hold a 20% click engagement rate, outperforming standard fintech newsletter benchmarks. Inbox visibility moved in parallel, with steadier primary-inbox placement at higher volumes lowering the cost of every engaged reader.

The bigger shift sits behind the numbers. Email has moved from a push channel for KYC and product nudges to a daily habit that reinforces Share.Market’s research credibility, with a documented playbook the team can extend to new lifecycle moments.

With both tracks of the email engine operating in sync and inbox visibility holding under scale, Share.Market has a clear blueprint for the next phase: lifecycle communication that adapts to user intent and journey stage, research-led branding content as a daily habit driver, and ongoing experimentation on subject lines, creative, and segmentation. The next phase of the partnership focuses on extending this trust-led playbook across new lifecycle moments and channels, with every touchpoint built to reinforce credibility and drive considered action.