Digital payments company PhonePe acquires OSLabs
With the closure of this deal, PhonePe will pursue its vision of building a homegrown horizontal, local Appstore, while AGPL gets a premium on its original investment.
BENGALURU: Digital payments platform PhonePe on Friday said that it acquired OSLabs, a mobile platform that enables content and app discovery for users and app developers.
It also said that the acquisition was complete after reaching an amicable settlement with Affle Global, the company's majority shareholder.
"PhonePe, AGPL and OSLabs have reached an amicable settlement in the matter, with PhonePe acquiring AGPL's entire stake at a premium," the digital payments platform said in a statement.
With the closure of this deal, PhonePe will pursue its vision of building a homegrown horizontal, local Appstore, while AGPL gets a premium on its original investment. This closure comes after a delay as PhonePe, Affle and Ventureeast Fund got into disagreement with the valuation of the acquiring company.
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 App store that India needs.’’
Mei Theng Leong, Director of AGPL said, "We are happy that the matter has been amicably settled for all the entities"
PhonePe, which was founded in December 2015, has over 390 million registered users. The company has also successfully digitised over 30 million offline merchants. The company forayed into financial services in 2017.