wordpress blog stats
Connect with us

Hi, what are you looking for?

,

PhonePe set to acquire Indus OS for $60 million: Report

PhonePe

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.

Advertisement. Scroll to continue reading.

Several payment apps taking super app route

This development regarding PhonePe comes weeks after PayPal Holdings Inc. announced in its financial results that the company was building a super app, encompassing payments, finance, crypto-currencies and shopping services.

Dan Schulman, president and chief executive officer of PayPal Holdings Inc said, “It will be an all-in-one personalized app that will empower our users to make the most of their money and strengthen their financial lives every day. We will provide increasingly customized and unique shopping, financial services, and payments experiences for our customers.”

In April, Walmart-backed Flipkart announced that it has acquired 100 per cent of online travel technology company Cleartrip and that it will expand its travel booking vertical.’

With this acquisition, Flipkart has expanded its footprint in a cut-throat segment, which has not only taken a hit due to the pandemic but also has the presence of chief rival Amazon India and PayTM. Both these platforms have been diversifying their offerings to include services such as food delivery, e-pharmacy, travel bookings and so on.

Also read

Advertisement. Scroll to continue reading.
Written By

Among other subjects, I cover the increasing usage of emerging technologies, especially for surveillance in India

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

News

This article addresses the legal and practical ambiguities in understanding the complex crypto ecosystem in India.

News

It is widely argued that the PDP Bill report seeks to discard the intermediary status of social media platforms but that may not be...

News

Looking at the definition of health data, it is difficult to verify whether health IDs are covered by the Bill.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ