PhonePe, an Indian digital payments and financial services company had placed a bid in Indus OS. The bid is to acquire 92 per cent stake at a valuation of around $60 million. Although, Affle Global Pte Ltd (AGPL), the biggest shareholder in the company has opposed the deal.
In a Singapore court, Walmart-owned PhonePe filed a case against Affle regarding the OS stake sale matter. Affle, a digital advertising firm claims that it had won the initial legal battle. A bid to acquire 92 per cent stake in Indus OS has been put by PhonePe. It has been valued at around $60 million. Affle Global Pte Ltd (AGPL), the biggest shareholder in the company has opposed the deal.
Affle Global Pte Ltd (AGPL) had refused to sell its 25 per cent stake at a lower valuation. They estimated that the valuation of OSLabs is around USD 90 million. App store ‘Indus App Bazaar’ is operated by the company. It constitutes of over four lakh apps accessible in English and 12 other Indian languages including Hindi, Gujarati, Marathi, Tamil, Telugu, Urdu, Odia, Punjabi, Malayalam, Bengali, Assamese and Kannada.
An injunction suit had been filed by AGPL against the resolution passed by Indus OS that approved stake sale to PhonePe in a Singapore court.