Walmart Intensifies Rivalry With Google, Amazon By Targeting India's Budding Payments Market

  • 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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