Phonepe to acquire wealth management platforms Wealthdesk, Open IQ for $75 million

PhonePe said is acquiring two wealth management platforms WealthDesk and Open IQ.

New Delhi: Walmart-backed PhonePe on Wednesday said it is acquiring two wealth management platforms WealthDesk and Open IQ. While PhonePe did not disclose the deal size, sources aware of the development said that the total deal is in the range of USD 75 million."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," Phonepe said.

A PhonePe spokesperson said that WealthDesk will continue to remain an open platform for all players, and the founder Ujjwal Jain will continue defining the vision for his company.

"WealthDesk currently has over 50 partners across categories already working with them and we expect their platform to scale further by integrating with more partners and to become a gold standard for investment technology," PhonePe said.

The valuation of Wealthdesk is over USD 50 million, the source said.

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 said.