PhonePe, India’s leading digital payments platform has acquired OSLabs, a mobile platform that enables content and app discovery for users and app developers.
IndusLaw advised and represented PhonePe on this transaction.
The transaction involved purchase of securities of OSLabs from its existing shareholders (including founders and several financial investors).
The transaction also witnessed legal disputes in Singapore, involving both court proceedings and arbitration. The last limb of the acquisition involved amicable settlement of all these ongoing legal disputes between PhonePe and Affle.
The transaction team included Saurav Kumar (Partner), Harman Walia (Partner), Swathi Sreenath (Principal Associate) and Ritvika Thakur (Senior Associate)
The Disputes team (Arbitration) was led by Mayank Mishra (Partner) and consisted of Ritunjay Gupta (Principal Associate) and Raunak Singh (Senior Associate)
The Litigation team was led by Amit Jajoo (Partner), Sushmita Gandhi (Partner) with the support of Prapti Kedia (Senior Associate) and Darpan Bhatia (Senior Associate)
Allen & Gledhill and Selvam LLC advised PhonePe on the arbitration and litigation side, respectively.
Shardul Amarchand Mangaldas & Co. and Mallal & Namazie advised OSLabs and certain sellers.
Fullerton Law Chambers LLC advised the founder group.
Paul Ong Chambers LLC advised the other financial and angel investors.
Dan Tan Law advised the Affle group.
OSLabs and its subsidiary are primarily engaged in the business of “Indus App Bazaar” which is India’s largest independent indigenous apps store and in connection with the App Bazaar, they undertake the activities of developing, undertaking, improving, maintaining and organising mobile applications.
Pursuant to the transaction, PhonePe aims to build a horizontal homegrown local app store.
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