PhonePe gets WealthDesk and OpenQ for $ 75 Million


Walmart-owned PhonePe acquired the WealthDesk investment platform and OpenQ asset management platform for a total of $ 75 million, Bloomberg reported on Tuesday. A PhonePe spokesman confirmed the acquisition of Entrackr.

“The founder and the entire [WealthDesk] team will be working as part of the PhonePe team and both platforms will remain independent,” the company said in a statement. “PhonePe also acquires OpenQ… subject to proper regulatory authorization. open is a smart beta asset management platform, that designs investment strategies and appropriate portfolio advice. With the acquisition of the post, OpenQ will be instrumental in creating the Wealth Ecosystem for the PhonePe Group. ”

This opens the PhonePe account in the area of ​​investment and asset management, a major competitor for Amazon alone, by participating in the $ 40 million investment round at Small case last August.

It says it has more than 50 partners working in all categories. It looks forward to continued growth by connecting with more partners.

In June 2022, WealthDesk closed it’s Pre-Series A sponsorship cycle for $ 3.2Mn. The second phase of the cycle was proposed by former Blackstone India partner and co-chairman Matthew Cyriac, and the first phase was nominated by a single investor, including a senior global banker, market participants, and other large companies. . in January of last year.

Founded in 2018 by Ujjawal Jain and Sujit Modi, OpenQ based in Mumbai is an online asset management platform that provides feature-based stock indicators, top-notch investment products, trading baskets, and distribution of goods and services. for investment analysis for institutional investors and traders.

With the acquisition of these two new companies, PhonePe is following in the footsteps of Amazon and Google. While Amazon participated in the launch of fintech with $ 40 million in Technologies funding, on the other hand, Google partnered with India’s largest bank to provide online loans to consumers.

According to the report, India is expected to become the fourth largest private real estate market in the world by 2028. The country’s private real estate market will affect INR 95 Tn $ 1.26 Tn, while investor accounts grow over 3 times to reach 130 Mn. 2025.

Another report from Invest India states that India’s investment technology market is estimated to be worth more than $ 60 billion by fy25, from its current market capitalization of $ 20 billion. Currently, India has a high fintech acquisition rate of 87% compared to the global average of 64%.

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