PhonePe, Affle, seek 'out of court' settlement for Indus OS acquisition

 

Walmart-owned digital payments firm PhonePe, mobile platform Indus OS, Affle Global Pte Ltd (AGPL) and Ventureast (VPF) said that they are moving towards an out of court settlement regarding the dispute about PhonePe acquisition of Indus OS.

In a joint statement, the firms said that the settlement of the dispute involving VPF shares in Indus OS is a significant step towards a greater outcome for Indus OS and its stakeholders.

The joining of many important forces (Indus OS Founders, PhonePe, Samsung and AGPL) would anchor Indus OS in the next part of its value creation journey.

“The strategic confluence of parties and the long-term alignment could not have been accomplished without the initial strife, and the subsequent maturity of vision and leadership by all parties,” said the companies in a statement on Wednesday night.

Different parties have played supporting roles in the Indus OS journey. Ventureast played a key role in the initial stages of bringing in angel investors and VC investors even before they were an investor, and subsequently was the investor who backed Indus OS in a maximum number of rounds. AGPL has delivered strategic value creation and sustainable growth.

“Now with PhonePe’s involvement last year, and the long-term alignment of the founders, PhonePe, AGPL and Samsung that is coming about now, the value accretion may be huge for all stakeholders including the entrepreneurs and consumers in India,” said the companies.

The issue goes back to last year when PhonePe was in the process of acquiring Indus OS for $60 million. The acquisition was expected to help PhonePe in its “super app and vernacular language” strategy to integrate various apps on its platform. The move was expected to help PhonePe to compete better with players such as Paytm, Google Pay and Amazon Pay, which are also building similar capabilities.

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