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Months after applying for a mutual fund licence, PhonePe has acquired two wealth management platforms WealthDesk and OpenQ to accelerate its plans of becoming a major financial services player.
Both the platforms create investment baskets for investors but there is one key difference. While the portfolios on the WealthDesk platform are created by Registered Investment Advisors (RIAs), OpenQ uses technology and past data to create investment solutions for investors.
"PhonePe is acquiring WealthDesk. The founder and the entire team will be working as a part of the PhonePe group and both the platforms will remain independent. WealthDesk currently has 50+ partners across categories already working with them and we expect their platform to scale further," the company said.
"PhonePe is also acquiring OpenQ, 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 company added.
Reports say that PhonePe is paying $50 million (Rs 380 crore) for WealthDesk and $25 million (Rs 190 crore) for OpenQ.
PhonePe had applied for a mutual fund licence with SEBI in December 2021 and is one among at least 10 companies which are awaiting SEBI’s go-ahead to set up mutual fund business.
