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PhonePe set to apply for mutual funds license; gets board approval to set up AMC

Shortpedia

Content Team
Image Credit: shortpedia

Bengaluru-based fintech unicorn PhonePe has received approval from its board to set up a mutual fund business or asset management company (AMC). The Walmart-owned company, which was valued at $5.5 Bn in a partial spin-off from Flipkart last year, is looking for a bigger piece of the investment tech pie and take greater control of the mutual fund product offerings available to its investment customers.