Image Credit: affle.com, moneycontrol.com
Mobile marketing firm Affle Global Pte. Ltd.(AGPL) on Saturday claimed to have emerged victorious in a lawsuit filed against it at a Singapore court by the digital payments company PhonePe. The claim however has been refuted by PhonePe. Differences have emerged between the two firms over stake sale in Indus OS where Affle holds the largest shareholding.
The Walmart backed PhonePe has been trying to purchase a 92% stake in Indus OS, an app discovery platform, on the basis of a $60 million dollar valuation. However, the transaction could not move forward as Affle, which owns a 25% stake in Indus, has objected to the terms of the deal. According to Affle Global Pte. Ltd., the valuation of Indus OS is around $90 million and it is not acceptable to the company to sell its shares to PhonePe at a lower valuation.
Following the dispute, the marketing firm AGPL filed an injunction suit in a Singapore court challenging a resolution that would allow the payments company to purchase a 92% stake in Indus OS. The suit in turn was challenged by PhonePe which Affle now claims to have won.
In a statement given to news agency PTI, Affle said that it had attended more than seven hearings of the Singapore High court in the case and claimed that PhonePe had lost the court case as of 18th June. The claim has been denied by both PhonePe and Indus OS.
Indus OS is a mobile platform that has made its app store known as ‘Indus App Bazaar’. The app store “curates locally relevant apps and content for the users,” the company has said.