Affle Global acquires additional 13.09 per cent stake in Indus OS from Samsung Ventures

Following a long-standing authorized battle with PhonePe, Singapore-based Affle World (AGPL) on Saturday introduced that it has acquired a further 13.09 per cent stake in Indus OS (OSlabs Pte.) via a secondary buy of choice shares from Samsung Enterprise Funding Company at an approximate valuation of $90 million .

With this, AGPL and its associates now command practically 60 per cent investor voting rights tied to the issued choice shares in Indus OS.

Earlier, AGPL held round 25 per cent stake in Indus OS, PhonePe 32 per cent, whereas Samsung Enterprise held round 18 per cent. PhonePe was in talks with Indus OS’ founders final 12 months to purchase out a further stake to extend its shareholding within the firm to 92 per cent.

As of April, there have been out-of-court settlement talks between PhonePe and AGPL. “There was no conclusion to the out-of-court settlement but. It’s nonetheless on. Samsung Enterprise was initially negotiating with PhonePe to partially promote its stake, however that didn’t undergo. Now, Samsung Enterprise is promoting its complete stake to AGPL and never simply 13.09 per cent. It’d occur in two tranches,” a supply within the know looking for anonymity informed BusinessLine.

The announcement comes after AGPL not too long ago nominated Anuj Khanna Sohum to be a Non-Government Director on the board of Indus OS, which was confirmed by unanimous vote of all of the investor administrators and founder administrators of Indus OS. His appointment is efficient from April 21, 2022.

Feedback have been awaited from PhonePe, whereas Samsung Enterprise had declined to remark on the time of publishing the story. Any additional viewpoints shared by these entities can be up to date.

“AGPL continues to imagine within the international potential and development of Indus OS, underpinning its scalability in India and alternatives in international rising markets, whereas emphasising on accountability of company governance issues and to make sure good company hygiene in all spheres of features and operations for the good thing about all stakeholders of Indus OS,” AGPL mentioned in a press release.

The cellular advertising firm added, “AGPL intends to stay a long-term investor and it seems ahead to offering additional funding assist to Indus OS, strengthening its place to allow a one-of-its-kind app engagement mannequin.”

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June 11, 2022