PR Newswire
29 Jul 2022, 18:28 GMT+10
SINGAPORE, July 29, 2022 /PRNewswire/ -- PhonePe, one of India's leading digital payments platforms, announced the acquisition of OSLabs, a mobile platform that enables content and app discovery for users and app developers. PhonePe, AGPL and OSLabs have reached an amicable settlement in the matter, with PhonePe acquiring AGPL's entire stake at a premium.
The closure of this deal gives PhonePe to pursue its stated vision of building a homegrown horizontal, local Appstore, while AGPL gets a premium on its original investment.
Commenting on the acquisition Sameer Nigam, Founder and CEO PhonePe said, "We are very excited to embark on this journey with OSLabs, and build just the kind of the localised Appstore that India needs."
Mei Theng Leong, Director of AGPL added, "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."
About PhonePe:
PhonePe was founded in December 2015, and has emerged as one of India's largest payments apps, enabling digital inclusion for consumers and merchants alike. With 390+ million registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 30+ million offline merchants spread across Tier 2, 3, 4 and beyond, covering 99% pin codes in the country. PhonePe forayed into financial services in 2017, providing users with a safe and convenient option to buy 24-karat gold, and has recently also launched silver on its platform. Since then, PhonePe has introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, COVID-19 insurance amongst others. Using PhonePe, users can also send and receive money, recharge mobile, DTH, pay at stores and make all their utility payments. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).
About AGPL
Affle Global Pte. Ltd. ("AGPL") is a Singapore based long term investor in areas including global consumer intelligence platforms that delivers consumer engagements, acquisitions and transactions through relevant Mobile Advertising. AGPL is a 100% owned subsidiary of Affle Holdings Pte. Ltd. which is the Singapore based promoter for Affle (India) Limited, and its investors include Microsoft, Bennett Coleman & Company (BCCL) amongst others.
SOURCE PhonePe Pte. Ltd
Get a daily dose of Sydney Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sydney Sun.
More InformationNEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
WASHINGTON, D.C.: The U.S. government has granted GE Aerospace permission to resume jet engine shipments to China's COMAC, a person...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
OMAHA, Nebraska: With Congress considering cuts totaling around US$1 trillion to Medicaid over the next decade, concerns are rising...
ROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...