PhonePe
Acquisitions
3
Major Deals Covered
$147M
Disclosed Deal Value
PhonePe's largest disclosed acquisition here is WealthDesk & OpenQ for $75M in 2022. This page covers 3 major deals, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Indus OS (Indus App Bazaar) | 2022 | $60.0M | Acquired homegrown Indian mobile platform Indus OS to launch India's first localized third-party Android app store. |
| WealthDesk & OpenQ | 2022 | $75.0M | Acquired investment tech platform WealthDesk and algorithmic portfolio platform OpenQ. |
| GigIndia | 2022 | $12.0M | Acquired freelance marketplace GigIndia to scale offline merchant acquisition and verification networks. |
2022
$60M
Acquired homegrown Indian mobile platform Indus OS to launch India's first localized third-party Android app store.
Gave PhonePe localized language technology and an active distribution channel across millions of Indian smartphones.
Served as the foundational platform for the launch of the Indus Appstore in 2024, challenging Google Play's monopoly in India.
2022
$75M
Acquired investment tech platform WealthDesk and algorithmic portfolio platform OpenQ.
Accelerated PhonePe's expansion into stock broking, thematic basket investing, and mutual funds for retail users.
Formed the technical and regulatory infrastructure for PhonePe's standalone investment platform, Share.Market.
2022
$12M
Acquired freelance marketplace GigIndia to scale offline merchant acquisition and verification networks.
Provided PhonePe with on-demand field agent capability to distribute Soundboxes and QR codes to Tier 2 and Tier 3 merchants.
Significantly accelerated PhonePe's offline merchant acquisition speed, cementing its leading position in UPI market share.
PhonePe's growth plan is to earn more from the users it already has rather than add payments users. It is focusing on four areas. Credit distribution covers personal, merchant and secured loans through partner lenders. Insurance broking is a second area. Wealth covers mutual funds and Share.Market broking. Merchant services cover soundboxes, POS devices and the payment gateway. Alongside these, it runs consumer bets such as the Indus Appstore, which challenges Google Play in India, and the ONDC-based Pincode app. In 2026 it also cut costs, including closing its US engineering office in September.
Consumer UPI payments on PhonePe are free, and person-to-merchant UPI has carried zero merchant discount rate (MDR), so the payments app mostly works as a way to bring in users. Revenue comes from four main areas. First, merchant payments: SmartSpeaker soundbox and POS device rentals, payment gateway fees and card-based transactions. These made up about 28% of revenue in FY25 and about 31% in the six months to September 2025. Second, consumer payments such as bill payments, recharges and incentives, including government UPI incentives (PIDF). Third, distribution of loans and insurance from partner lenders and insurers, which grew from about 1% of revenue in FY23 to about 7.8% in FY25 and 11.6% in H1 FY26. Fourth, newer businesses such as the Share.Market broking app, mutual funds, the Indus Appstore and Pincode. An MDR framework for UPI being discussed in 2026 could open a new revenue stream.
In 2022, PhonePe completed the landmark acquisition of Indus OS (operated by OSLabs), a homegrown Indian smartphone operating system and app marketplace. PhonePe integrated Indus OS's app distribution technology and OEM relationships to launch the Indus Appstore in 2024.
In 2022, PhonePe acquired WealthDesk (an investment research and curation platform) for approximately $50 million and OpenQ (a quantitative portfolio analytics platform) for $25 million, integrating their algorithms into PhonePe's wealth management app Share.Market.
In March 2022, PhonePe acquired GigIndia, a leading network for freelance micro-contractors and gig workers, using its on-demand workforce to scale merchant SmartSpeaker deployment and physical QR onboarding across Tier 2 and Tier 3 Indian towns.
In 2018, PhonePe acquired the Point of Sale (POS) software division of Zopper, bringing in specialized offline merchant retail software and hardware engineering talent to develop in-store billing solutions.
PhonePe evaluated strategic acquisitions in digital lending and credit underwriting, choosing to develop its core loan distribution marketplace in-house while integrating API connectors with major partner banks and NBFCs.
PhonePe tightly integrates acquired teams and IP into its core microservices infrastructure, converting Indus OS into the Indus Appstore and WealthDesk into WealthBaskets on Share.Market, expanding platform capabilities with unified single-sign-on (SSO).
PhonePe evaluates prospective M&A based on strategic fit in specialized financial verticals (merchant credit, AI fraud intelligence, B2B SaaS billing tools, and quantitative wealth platforms) that enhance its $12B ecosystem.
No, PhonePe has retained and absorbed all acquired technologies and engineering teams into its broader corporate umbrella, utilizing them to expand from a pure payments app into an all-in-one financial services super-app.
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