Walmart-owned digital payments platform PhonePe will be acquiring home-grown mobile platform Indus OS for $60 million, Entrackr reported.
“PhonePe and Indus OS have signed the terms of the deal two weeks ago. The transaction is a cash deal worth $60 million,” the report said citing an anonymous source.
The report said that after the acquisition Indus OS will spearhead PhonePe’s Switch platform that aggregates various applications and transform it into a ‘super app’ that would enable users to book cabs, hotels and order groceries and so on.
Quoting another unnamed source, the report said that after completion of the deal, Indus OS’ investors would exit the company with cash and would join PhonePe.
The Indus OS website claims that the platform has been installed and updated 11,000 crore times, has 4 lakh apps across all categories and 10 crore users.
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This development regarding PhonePe…