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Affle Global is now majority shareholder in IndusOS, PhonePe's acquisition plan in doubt

Affle Global acquires an additional 13.09 percent stake in IndusOS from Samsung Ventures and says it plans to remain a long-term investor in the app discovery platform

June 12, 2022 / 01:34 PM IST
Representative Image

Representative Image

Technology firm Affle Global has acquired an additional 13.09 percent stake the app marketplace IndusOS, making it the largest shareholder, the Singapore-based company said on June 11.

The deal gives it close to 60 percent of investor voting rights tied to the issued preference shares in Indus OS, casting a shadow on payments and financial services company PhonePe's plans to acquire the app discovery platform.

The announcement comes barely a month after PhonePe, Affle Global and others who were caught in a legal battle over IndusOS said an out-of-court settlement had been reached.

"Affle Global intends to remain a long-term investor and it looks forward to providing further funding support to Indus OS to scale greater heights, strengthening IndusOS's position to enable a one-of-its-kind app engagement model," the company said on June 11.