large scale image
LCP Image

Back to TSCFM News

Walmart buys way into India wealth management

May 18, 2022

Walmart buys way into India wealth management
Walmart Inc’s. Indian payments unit PhonePe will acquire two wealth management firms for a total enterprise value of $75 million carrying the retail giant head-to-head on with Amazon.com Inc. in the nation’s quickly growing money management segment.

PhonePe will purchase WealthDesk for about $50 million and OpenQ for almost $25 million, two sources directly aware of the matter said on Tuesday, declining to be named as the points of interest are private.

PhonePe affirmed it was procuring WealthDesk and OpenQ. A representative, in any case, declined to examine the financial details of the deals.

“The pioneer behind WealthDesk and the whole group will be functioning as a part of the PhonePe bunch and both the platforms will stay autonomous,” PhonePe said in a statement. “Post-acquisition, OpenQ will be instrumental in creating the wealth ecosystem for the PhonePe group.”

WealthDesk, established in 2016 and settled in India’s monetary capital of Mumbai, allows customers to invest in stocks and exchange-traded funds. OpenQ additionally offers retail and institutional investors trading baskets exchanging and investment analytics services.

Important Links:

Recommended for you ...

Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services
Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services

February 12, 2024

Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices
Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices

February 12, 2024

Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices
Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices

February 12, 2024

Enquire Now
REQUEST A CALLBACK
Chat on WhatsApp