PhonePe reaches settlement with Affle Global to acquire Indus OS

The acquisition was closed after a months-long legal dispute between PhonePe and AGPL and Ventureast Fund on the valuation of IndusOS, which is alternatively called OSLabs.

PhonePe
Premium

"We are happy that the matter has been amicably settled for all the entities. We wish PhonePe team the very best for its stated vision of building a homegrown horizontal, local Appstore,” said Mei Theng Leong, director of AGPL, in a joint statement b

Peerzada Abrar Bengaluru
Digital payments firm PhonePe said on Friday it has completed the acquisition of Indus OS after reaching an out-of-court settlement with Affle Global Pte Ltd (AGPL), the majority owner of the India-made content and app discovery platform.

PhonePe acquired AGPL's entire stake at a premium, but did not reveal the deal value. The acquisition was closed after a months-long legal dispute between PhonePe and AGPL and Ventureast Fund on the valuation of IndusOS, which is alternatively called OSLabs.

"We are happy that the matter has been amicably settled for all the entities. We wish PhonePe team the very best for

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 29 2022 | 5:26 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com