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Benzinga
Benzinga
Business
Anusuya Lahiri

Walmart Intensifies Rivalry With Google, Amazon By Targeting India's Budding Payments Market

PhonePe Walmart Nasdaq India WMT Alphabet Inc Flipkart Group NYSE Paytm SoftBank Group Corp
  • Walmart Inc's (NYSE:WMT) Indian payments unit PhonePe will acquire two wealth management firms for a total enterprise value of $75 million, Bloomberg reports.
  • PhonePe will buy WealthDesk for about $50 million and OpenQ for nearly $25 million.
  • The acquisitions will help broaden PhonePe's offerings in India's budding payments market, where Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, Amazon.com Inc (NASDAQ:AMZN), and SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF)-backed Paytm compete.
  • WealthDesk helps customers to invest in stocks and exchange-traded funds. 
  • OpenQ also offers retail and institutional investors trading baskets and investment analytics services.
  • The founder of WealthDesk and the entire team will be working as a part of the PhonePe group, and both platforms will remain independent.
  • PhonePe became part of Walmart after the retailer acquired Flipkart Group in 2018. 
  • Price Action: WMT shares traded lower by 6.14% at $123.30 in the premarket on the last check Wednesday.
  • Photo via Wikimedia Commons
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