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, 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.

© 2022 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.


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