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Home Mergers & Acquisitions Digital payments provider: PhonePe acquires Indus App Bazaar for $60 million

Digital payments provider: PhonePe acquires Indus App Bazaar for $60 million

The digital payments provider, nationally, is accepted at over 17.5 million merchant outlets across 500 cities

PhonePe – the digital payments provider has acquired the home-grown Indus App Bazaar – the Android app store for $60 million (roughly Rs 438 crore), reliable industry sources told IANS on Wednesday.

Sources said that PhonePe’s ‘Switch’ app, which aggregates several useful apps at one place, will be strengthened by this move.

Both the companies were yet to release an official statement.

In 2018, the digital payments provider launched the Switch platform and today, its customers can place orders on over 300 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, Redbus, etc. directly from within the PhonePe mobile app.

The digital payments provider, nationally, is accepted at over 17.5 million merchant outlets across 500 cities.

In 2015, Indus OS was founded by IITians, Rakesh Deshmukh, Akash Dongre, and Sudhir Bangarambandi. The company is known to make innovative products like Indus App Bazaar which serves over 100 million users.

Available in 13 languages, it houses over 400,000 apps. To democratize the use of mobile applications for the world starting with India with an enhanced app store ecosystem (EASE) is the core aim of Indus App Bazaar.

Indus OS has raised nearly $20 million to date.

On the other hand, the digital payments provider has over 280 million registered users.

The digital payments provider forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform.

Also read:DigiYatra: A paperless journey experience for domestic air travellers

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khushbu
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo

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