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.
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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.”
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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).
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