 "PhonePe")
As it looks to scale up its financial and wealth management services, Walmart-owned digital payments firm PhonePe is set to acquire wealth management firms WealthDesk for about $50 million and OpenQ for around $20 million, according to people familiar with the matter.
Earlier this year, PhonePe applied to the Securities and Exchange Board of India (Sebi) for a mutual fund (MF) licence, joining rivals in the race to set up an asset management company (AMC).
PhonePe confirmed that it is acquiring WealthDesk and OpenQ, but didn’t reveal the value of the transaction.
