WealthDesk and Open IQ to remain independent entities
Walmart-backed PhonePe of Bengaluru is acquiring Mumbai’s two wealth management platforms WealthDesk and Open IQ, a deal trade sources estimated at US$75 million.
“PhonePe is acquiring WealthDesk (Wealth Technologies & Services Private Limited) and the founder and the entire team will be working as a part of the PhonePe group. Both the platforms will remain independent,” PhonePe said in a statement on 18 May 2022.
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 US$50 million, according to Indian media reports, citing sources.
PhonePe’s acquisition of OpenQ (Quantech Capital Investment Advisors Private Limited) is subject to 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.
Flipkart owns about 87% and its parent Walmart owns about 10% of PhonePe, founded in 2015. fiinews.com