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Walmart buys way into India wealth management
May 18, 2022
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:
- Post Graduate Diploma in Management (PGDM): https://tscfm.org/courses/3-in-1-management-program/