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Affle, a minority investor in Indus OS, has filed a petition against PhonePe in a Singapore court. Indus OS, keen to close the acquisition deal with the Walmart-backed company, has hit back by filing a case against Affle Global.
ETtech Exclusive: PhonePe's Indus OS deal in a legal tangle SECTIONS Share iStock A seemingly straightforward acquisition by PhonePe, of homegrown content discovery platform Indus OS for about $60 million, has spiralled into a legal tangle as India’s second-largest fintech battles two existing investors in the five-year-old startup— Affle Global and early-stage investment firm Ventureast-- in a Singapore court. Both factions have filed competing lawsuits against the other in the Supreme Court of Singapore. ET has seen court filings, regulatory disclosures and spoken to three sources brie...
PhonePe's acquisition of Indus OS in legal hurdle with investors Affle, Ventureast PhonePe said that they believe that Affle and Ventureast have colluded to act in bad faith and violate the legal provisions of the term sheet, which they were both signatories to. It said that they have filed a lawsuit to protect its legal interests BusinessToday.In | May 24, 2021 | Updated 11:05 IST PhonePe locks horns with Affle and Ventureast PhonePe's $60 million acquisition of content discovery platform Indus OS has run into legal trouble. The fintech company is battling two of Indus OS' existing investor...
PhonePe-Indus OS deal goes awry Want this newsletter delievered to your inbox? SUBSCRIBE Thank you for subscribing to Morning Dispatch We'll soon meet in your inbox. / Morning Dispatch Good morning, Monday’s here, and so are the big scoops by ETtech’s most wired reporters. Today’s edition is packed with exclusives you won’t find anywhere else! Last week we reported that PhonePe was in talks to acquire Indus OS, a homegrown content and app discovery platform with its own Android app store, for $60 million. But then, a minority investor objected to the terms of the deal and the matter ...