Online Payment Platform Phonepe acquires Indus App Bazaar for INR 438 crore
According to credible industry sources, Walmart-owned digital payments provider PhonePe has acquired Indus App Bazaar, a homegrown Android app store, for $60 million (roughly Rs 438 crore).
According to sources, the move would boost PhonePe's 'Switch' app, which brings together many useful applications in one location.
Both firms are yet to issue a formal comment.
Bangalore based Phonepe is a digital payments and financial services firm. Sameer Nigam, Rahul Chari, and Burzin Engineer established the company in December 2015.
PhonePe introduced the Switch platform in 2018, and consumers can now order from over 300 apps directly from the PhonePe mobile app, including Ola, Swiggy, Myntra, IRCTC, Goibibo, and RedBus.
PhonePe is accepted in over 17.5 million merchant locations in 500 cities throughout the United States.
Rakesh Deshmukh, Akash Dongre, and Sudhir Bangarambandi, IITians, formed Indus OS in 2015.
Indus App Bazaar, which has over 100 million users, is one of the company's most innovative products.
It has over 400,000 apps and is available in 13 languages. With an enhanced app store ecosystem (EASE), the main goal of Indus App Bazaar is to democratise the use of mobile apps for the entire world, beginning with India.
Indus OS has raised nearly $20 million to date.
PhonePe, on the other hand, has more than 280 million registered users.
In 2017, PhonePe made its foray into financial services with the launch of Gold, which allows users to purchase 24-karat gold securely on the platform.
According to sources, the move would boost PhonePe's 'Switch' app, which brings together many useful applications in one location.
Both firms are yet to issue a formal comment.
Bangalore based Phonepe is a digital payments and financial services firm. Sameer Nigam, Rahul Chari, and Burzin Engineer established the company in December 2015.
PhonePe introduced the Switch platform in 2018, and consumers can now order from over 300 apps directly from the PhonePe mobile app, including Ola, Swiggy, Myntra, IRCTC, Goibibo, and RedBus.
PhonePe is accepted in over 17.5 million merchant locations in 500 cities throughout the United States.
Rakesh Deshmukh, Akash Dongre, and Sudhir Bangarambandi, IITians, formed Indus OS in 2015.
Indus App Bazaar, which has over 100 million users, is one of the company's most innovative products.
It has over 400,000 apps and is available in 13 languages. With an enhanced app store ecosystem (EASE), the main goal of Indus App Bazaar is to democratise the use of mobile apps for the entire world, beginning with India.
Indus OS has raised nearly $20 million to date.
PhonePe, on the other hand, has more than 280 million registered users.
In 2017, PhonePe made its foray into financial services with the launch of Gold, which allows users to purchase 24-karat gold securely on the platform.
