This comes as ET broke the news on April 13, on a senior judge of the Singapore High Court dismissing at least two appeals filed by Affle, a shareholder of Indus OS, which challenged the acquisition of the Bengaluru-based startup by Walmart and Flipkart-owned PhonePe after a term sheet for the acquisition was signed.
“The settlement of the dispute involving shares in Indus OS is a significant step towards a greater outcome for Indus OS and its stakeholders. The joining of many important forces (Indus OS Founders, PhonePe, Samsung and AGPL) would anchor Indus OS in the next part of its value creation journey. The strategic confluence of parties and the long-term alignment could not have been accomplished without the initial strife, and the subsequent maturity of vision and leadership by all parties,” said PhonePe, Ventureast, and Affle in a joint reply to ET’s detailed queries on the matter on Wednesday evening.
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PhonePe Indus OS deal: Singapore court dismisses Affle case on validity of EGM
The dispute was first reported by ET in May last year, following the news of PhonePe being in the final stages of closing the acquisition of OS Labs. Since then, Indus OS, PhonePe and Affle took the matter to court with cases against each other, as reported by ET.
The order dated March 22 also said Affle’s contention that vendor shareholders of Indus OS cannot vote in the EGM on the acquisition was “blowing hot and cold” and was “unmeritorious”. These vendor shareholders are those who had already sold their stake in the company to PhonePe under a term sheet that Affle is contesting.
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Even as the acquisition ran into trouble, PhonePe acquired around a 26% stake from shareholders such as Omidyar Network, JSW Ventures and Micromax, who are now referred to as ‘vendor shareholders’ in the company.
