PR Newswire
29 Jul 2022, 22:58 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 Asia Pacific Star 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 Asia Pacific Star.
More InformationDHAKA, Bangladesh On Thursday, Information Minister Hasan Mahmud said the United Nations Human Rights Council (UNHRC) should focus on Palestine ...
HANOI, Vietnam: The lawyer for prominent social commentator Le Van Dung has reported that a Vietnamese court rejected his appeal ...
DHAKA, Bangladesh - Michelle Bachelet has urged the Bangladesh government to establish an independent investigation into allegations of enforced disappearances. ...
LONDON, England: Despite a legal challenge in London's High Court in early September, the UK government is continuing to pursue ...
MON STATE, Myanmar - According to a statement released by the Karen National Union (KNU) on Sunday, current military strikes ...
NEW DELHI, India: During his national day address this week, Prime Minister NarendraModi said India will seek to become a ...
NEW YORK, New York - U.S. stocks retreated sharply on Friday as sellers swarmed Wall Street. The upward trend in ...
NEW YORK CITY, New York: Months after the U.S. faced acute shortages of baby formula, this week two major U.S. ...
SYDNEY, NSW, Australia - Stocks were in the doldrums in Asia on Friday as investors weighed up potential Federal Reserve ...
LONDON, England: As surging food costs are further squeezing household budgets, inJuly consumer price inflation in the UK jumped to ...
NEW DELHI, India: After a decline in prices reaching a 2-year low encouraged investors to purchase silver in 2022, India's ...
NEW YORK CITY, New York: The American hedge fund Third Point has purchased a stake worth some $1 billion in ...