- Walmart Inc's WMT 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 GOOG GOOGL Google, Amazon.com Inc AMZN, and SoftBank Group Corp SFTBY SFTBF-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 independent.
- PhonePe became part of Walmart after the retailer acquired Flipkart Group in 2018.
- Price Action: WMT shares traded lower by 6.14% at $123.30 in the premarket on the last check Wednesday.
- Photo via Wikimedia Commons
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