PhonePe is all set to acquire mobile platform Indus OS. Three insiders revealed this information to the Entrackr media portal. PhonePe is one of the most popular online payment platforms in India. The platform is owned by US retail giant Walmart.
PhonePe-Indus OS Deal Details
As per the internal reports revealed by Entrackr, PhonePe will acquire the Indus OS, a mobile-based platform, with a whopping amount of $60 million. Three persons who are well aware of the PhonePe-Indus OS deal leaked this detail in the public domain.
Once the deal is officially over, it will be the second acquisition by PhonePe. Three years back, the UPI payment leader PhonePe bought a full stake in Zopper Retail.
Revealing the further details about the acquisition, one of the people requesting anonymity said:
“PhonePe and Indus OS have signed the terms of the deal two weeks ago. The transaction is a cash deal worth $60 million.”
As per the reports, PhonePe is buying Indus OS to provide more advanced features related to apps aggregations. PhonePe is already known as a platform to access hundreds of applications without any hustle. In short, PhonePe works as a super app that has brought hundreds of apps under one umbrella for easy transactions.
The second anonymous person who has acquisition details said:
“Post-acquisition, team Indus OS will be spearheading Switch and building an app ecosystem for PhonePe.”
About Indus OS and How it Will Help PhonePe?
Indus OS has a huge user base of 100 million+ users on its platform. It is known as Indus App Bazaar. Up to now, the super app has been downloaded over 1.1 billion times. The platform provides access to 400k apps in different categories. Indus App Bazaar will help PhonePe in monetization by enabling the in-app purchase feature for Indus OS.
The insider person further added:
“Following the deal, Indus OS’s investors would exit the company with cash and the team along with founders would join PhonePe.”
When contacted, neither Indus OS nor PhonePe commented anything related to the current deal. NBB team is continuously in touch with both parties and will update you the further detail as soon as it becomes available.
As an independent firm, Indus OS has raised approximately $20 million from Samsung Venture, Omidyar Network, JSW Ventures, VentureEast, and Affle. The startup recorded a revenue of Rs 17 crore in FY2020.
Indus OS has made users’ life easy by providing app discovery features in English and 12 vernacular languages across categories such as games, finance, entertainment, and social media. The startup recorded 2X traffic in the pandemic year of 2020.