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ETtech Exclusive: PhonePe's Indus OS deal in a legal tangle


ETtech Exclusive: PhonePe s Indus OS deal in a legal tangle
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A seemingly
straightforward acquisition by PhonePe, of homegrown content discovery platform Indus OS for about $60 million, has spiralled into a legal tangle as India’s second-largest fintech battles two existing investors in the five-year-old startup Affle Global and early-stage investment firm Ventureast in a Singapore court.
Both factions have filed competing lawsuits against the other in the Supreme Court of Singapore. ET has seen court filings, regulatory disclosures and spoken to three sources briefed on the matter.
Walmart-backed PhonePe was in the final stages of closing its acquisition of Indus OS before mid-June with the term-sheet signed and ready, according to the people cited above. ....

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PhonePe's acquisition of Indus OS in legal hurdle with investors Affle, Ventureast


PhonePe s acquisition of Indus OS in legal hurdle with investors Affle, Ventureast
PhonePe said that they believe that Affle and Ventureast have colluded to act in bad faith and violate the legal provisions of the term sheet, which they were both signatories to. It said that they have filed a lawsuit to protect its legal interests
BusinessToday.In | May 24, 2021 | Updated 11:05 IST
PhonePe locks horns with Affle and Ventureast
PhonePe s $60 million acquisition of content discovery platform Indus OS has run into legal trouble. The fintech company is battling two of Indus OS existing investors, Affle Global and Ventureast, in a Singapore court. Both sides have filed competing lawsuits against each other at the Supreme Court of Singapore. This legal tussle comes ahead of PhonePe s completion of the acquisition before mid-June, for which the term sheet was signed and ready. ....

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