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Deepti Sri · · 1 min readReport: Walmart-owned PhonePe to acquire Indus OS in $60m deal
“Walmart-owned digital payments platform PhonePe is all set to acquire homegrown mobile platform Indus OS,” Entrackr reported citing sources familiar with the matter.
Details:
- According to the sources, the deal is worth US$60 million. Indus OS’ investors will exit the company, while its team, along with its founders, will join PhonePe.
- The deal is expected to help strengthen Switch, PhonePe’s integrated platform for food, grocery, shopping, and travel. The Indus OS team will also lead the operations of Switch and help PhonePe build an ecosystem of apps.
Context:
- The deal marks PhonePe’s second acquisition since being founded in December 2015. Its first acquisition was in 2018 when it bought point-of-sale business Zopper.
- In July 2019, Indus OS raised over US$5.7 million in its series B round from the investment arm of Samsung along with its existing investor Ventureast.
Editing by Miguel Cordon and Jaclyn Tiu
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