Phonepe Is Buying Wealthdesk And OpenQ

Phonepe is buying Wealthdesk and OpenQ, a deal may be worth $ 75 million.

Walmart-backed PhonePe on Wednesday said it is acquiring two wealth management platforms, WealthDesk and OpenQ.

While PhonePe did not disclose the size of the deal, sources familiar with the matter said the total deal is in the range of USD 75 million.

PhonePe said, “PhonePe is acquiring WealthDesk (‘Wealth Technologies and Services Pvt Ltd’).

The founders and the entire team will work as part of the PhonePe group and both the platforms will remain independent.”

A PhonePe spokesperson said Wealthdesk will continue to be an open platform for all players and founder Ujjwal Jain will continue to define his company’s vision.

PhonePe said, “Wealthdesk currently has over 50 partners across different categories who are already working with them and we expect their platform to be a goldmine for investment technology by integrating with more partners.” this will be the standard.”

Phonepe is buying Wealthdesk and OpenQ: The source said the valuation of Wealthdesk is over US$50 million.

PhonePe is also acquiring OpenQ (Quantec Capital Investment Advisors Pvt Ltd), subject to regulatory approvals as required.

Post-acquisition, OpenQ will play a key role in building a wealth ecosystem for the PhonePe Group, the statement said.

OpenQ is a smart beta wealth management platform that offers advice on investment strategies and optimal portfolio creation.

PhonePe acquired GigIndia in March.

It is worth noting that earlier digital payments platform PhonePe acquired GigIndia in March.

With this acquisition, 1.5 million entrepreneurs and more than 100 enterprises who are GigIndia customers will join PhonePe, the company said in a statement.

However, the amount of this deal was also not given by PhonePe.

UN estimates, that the Indian economy will grow the fastest.

Despite the negative impact caused by the Russo-Ukraine war, India will remain the fastest-growing major economy. The growth rate of the Indian economy is projected to be 6.4 percent in the year 2022.

This is 0.3 percent lower than the estimate made in January. The growth rate last year was 8.8 percent.

According to the fiscal year 2022-23, India’s growth rate has been projected to be 6 percent. The United Nations has said this in its recent report on the state of the global economy.