Walmart Inc’s Indian payments unit PhonePe will acquire two wealth management firms for a total enterprise value of $75 million, Bloomberg reports.
PhonePe will buy WealthDesk for about $50 million and OpenQ for nearly $25 million.
The acquisitions will help broaden PhonePe’s offerings in India’s budding payments market, where Alphabet Inc Google, Amazon.com Inc, and SoftBank Group Corp-backed Paytm compete.
WealthDesk helps customers to invest in stocks and exchange-traded funds.
OpenQ also offers retail and institutional investors trading baskets and investment analytics services.
The founder of WealthDesk and the entire team will be working as a part of the PhonePe group, and both platforms will remain independentPhonePe became part of Walmart after the retailer acquired Flipkart Group in 2018.
