Walmart's PhonePe set to acquire WealthDesk, OpenQ for about $70 mn

PhonePe to acquire WealthDesk and OpenQ for about $50 million and $20 respectively according to the sources. PhonePe has invested over $60 M on acquisitions as per the data analytics platform Tracxn

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.

“PhonePe is acquiring WealthDesk. The founder and the entire team will