Bengaluru, April 27

 Affle’s Anuj Khanna Sohum has joined Indus OS board as a non-executive director effective April 22, following an unanimous vote by all investor directors and founder directors of Indus OS.

Sohum is the founder, promoter and CEO of Affle since 2005. Based on filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Affle owns about 40 per cent of Indus OS issued preference shares, a class of shares owned by various investors. Affle holds the highest percentage of the investors’ votes in that class of shares.

Acquisition dispute

Earlier this month, PhonePe, Indus OS, Affle Global and Ventureast Proactive Fund II had opted for an out-of-court settlement in the case surrounding the acquisition of Indus OS by PhonePe. 

PhonePe has been in talks to acquire the content and app discovery platform (registered name - OSLabs) for $60 million since May 2021. However, the deal was not completed on account of objections raised by existing investors Affle Global and Ventureast. The existing investors had valued Indus OS at $90 million, while PhonePe had offered $60 million to acquire about 90 per cent stake. Since then, the deal had been stuck in a legal tussle.

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PhonePe, Affle reach out-of-court settlement in Indus OS acquisition dispute

In a joint statement on April 13, PhonePe, IndusOS, Affle Global and Ventureast Proactive Fund II (VPF) said, “The settlement of the dispute involving VPF 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 Affle Global) would anchor Indus OS in the next part of its value creation journey.” 

None of the parties disclosed the specifics of the settlement. However, a source aware of the development told BusinessLine, “The joint statement is a signal that the dispute has been resolved and PhonePe will go ahead with the original plan to acquire a majority stake in IndusOS.”