PhonePe, one of the most popular digital payments platform in India is all set acquire home-grown mobile operating system startup Indus OS for $60 million, sources said. This was PhonePe’s second acquisition after it bought Zopper in 2018.
This acquisition will help Walmart-owned company to strengthen its super app — Switch. PhonePe Switch enables customers to book cabs on Ola, order groceries via Grofers or book hotels and flight tickets on Goibibo and multiple other things on a single platform.
“PhonePe and Indus OS have signed the terms of the deal two weeks ago. The transaction is a cash deal worth $60 million,” Entrackr reported. Post acquisition, team Indus OS will be spearheading Switch and building an app ecosystem for PhonePe, it further mentioned.
Indus OS was started by three IIT alumni Akash Dongre, Rakesh Deshmukh, and Sudhir Bangarambandi, IndusOS in 2015. The company operates a local Android app store called the Indus App Bazaar that offers apps and content in over a dozen Indian languages. Indus OS claims to have 100 million users on its platform. The content platform raised around $20 million from Samsung Venture, Omidyar Network, JSW Ventures, VentureEast and Affle.
PhonePe is on of the leading Unified Payments Interface (UPI) payments platforms in the country. In April, it processed 1.19 billion UPI transactions worth Rs 2.34 lakh crore, capturing nearly 45% of the market.
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