PhonePe will acquire WealthDesk, OpenQ for $70 mn

Walmart-owned digital payments firm PhonePe will acquire wealth management firms WealthDesk for about $50 million and OpenQ for around $20 million.

PhonePe confirmed about the deal related to WealthDesk and OpenQ, but didn’t reveal the value of the transaction. PhonePe has applied to the Securities and Exchange Board of India (Sebi) for a mutual fund (MF) licence in 2021, joining rivals in the race to set up an asset management company (AMC).