PhonePe, India’s leading digital payments platform acquired OSLabs, a mobile platform that enables content and app discovery for users and app developers1. 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 entailed distinct acquisition transactions with each of the financial investors and the founder group.
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.
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.
Deal value – confidential
INDUSLAW team included:
Transaction team: Saurav Kumar (Partner), Harman Walia (Partner), Swathi Sreenath (Principal Associate) and Ritvika Thakur (Senior Associate)
Disputes team (Arbitration): Mayank Mishra (Partner), Ritunjay Gupta (Principal Associate) and Raunak Singh (Senior Associate)
Disputes team (Litigation): Amit Jajoo (Partner), Sushmita Gandhi (Partner), Prapti Kedia (Senior Associate) and Darpan Bhatia (Senior Associate)
Other law firms involved:
• 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.
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