Walmart-backed PhonePe said on May 18 that it will acquire two wealth tech platforms WealthDesk and OpenQ. While the company did not disclose financial details of the deal, Bloomberg News reported that the digital payments platform will acquire WealthDesk for about $50 Mn and OpenQ for nearly $25 Mn.
“PhonePe is acquiring WealthDesk (Wealth Technologies & Services Private Limited). The founder and the entire team will be working as a part of the PhonePe group and both the platforms will remain independent,” the company said in a statement.
“PhonePe is also acquiring OpenQ (Quantech Capital Investment Advisors Private Limited), subject to necessary regulatory approvals. OpenQ is a smart beta wealth management platform, which designs investment strategies and optimal portfolio construction advice. Post acquisition, OpenQ will be instrumental in creating the Wealth Ecosystem for the PhonePe Group,” the statement added.
Founded in 2016, the Mumbai-based WealthDesk is an online wealth management platform that develops the unified wealth interface (UWI) for the asset and wealth management ecosystem while Mumbai-based OpenQ an online wealth management platform, was founded in 2018 by Ujjawal Jain and Sujit Modi. It offers
offers factor-based equity index, thematic investment products, trading baskets, asset allocation among others.