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With the revised "Dhan Dhana Dhan" offer, which Jio launched last month, Jio customers can continue to get 1 GB data per day for 84 days at a recharge of Rs 399.
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Most of the Jio customers, who have enjoyed free voice calls and high speed data at ultra-low cost under the Jio Summer Surprise and Dhan Dhana Dhan offer, now have to recharge their numbers to continue enjoying the services.
If it happens, this would be PhonePe’s second acquisition after itīought point-of-sale startup Zopper in 2018.īennett, Coleman and Company Ltd (BCCL), the publisher of Economic Times, is an investor in Affle Holdings Pte Ltd, which owns Affle Global.Now, recharging your Jio recharge becomes more cost effective with a new limited period offer from PhonePe, a Flipkart-owned mobile wallet, which is giving a flat Rs 75 cash back on Jio prepaid recharge. Through this acquisition, PhonePe’s plan is to bring a wider array of apps on its platform through in-app integrations. The company said it hosts more than 400,000 apps and caters to over 100 million users across India.
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The company operates a local Android app store called Indus App Bazaar, which offers apps and content in over a dozen Indian languages. Indus OS was started in 2015 by three IIT alumni – Rakesh Deshmukh, Akash Dongre and Sudhir Bangarambandi. This is another point of conflict as PhonePe has valued Indus OS at $60 million.
The latest developments would have a direct impact on this plan but PhonePe, meanwhile, has secured two board seats in Indus OS as it bought over 30% in the company from earlier investors like Omidyar Network, JSW Ventures and others.Īffle Global previously told ET that it has invested over $20 million so far in Indus OS and owns a 20% stake, valuing the startup at $90 million. According to the initial plan, PhonePe was looking to buy over 90% in Indus OS. Indus OS had told ET earlier that its founders and board members had signed a term sheet to sell a significant majority in the company to PhonePe.
PhonePe was in the final stages of closing its acquisition of Indus OS but Affle Global had sought an injunction in the Singapore court on the deal and said it had the right of first refusal against the sale of the founders’ stake to PhonePe. Reported about the legal tangle over the takeover. Reported earlier this month that Indus OS, which wants to close the deal with PhonePe, has also moved a petition against Affle in a Singapore court. In response, PhonePe has also filed a counter lawsuit against Affle as well as Ventureast. We have a very strong case and are confident that we will prevail on both fronts, and hopefully in the process also create a strong deterrent against bad actors trying to bully young startups.”Įxclusively reported how PhonePe’s seemingly straightforward deal to acquire Indus OS for $60 million has run into trouble after Affle objected to the deal.Īffle has sued Indus OS and PhonePe in a Singapore court, seeking an injunction over the proposed acquisition. “We believe it’s important to expose such unethical conduct by VPF for the sake of the larger startup ecosystem. Today, we are unveiling nominees in three more categories: Woman Ahead, Social Enterprise, and Covid-led Business Transformation. By deliberately derailing PhonePe’s acquisition of Indus OS, a deal which all three OS Labs founders continue to also believe is in their company’s best long-term interests, VPF has also hurt OS Labs’ long term interests,” he said.
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I believe in this case, VPF (Ventureast Proactive Fund-II) has not only broken Sebi’s code of conduct, but it has also acted in complete negligence of its fiduciary duties as a large shareholder of Indus OS. “But these standards should apply to investors in startups too. “As founders, we are always held to the highest standards of legal and ethical integrity by our investors,” PhonePe’s cofounder Sameer Nigam said in a statement. Giving it nearly 23% stake while the terms were already agreed for an acquisition by PhonePe. The complaint follows allegations that Ventureast sold its stake in Indus OS to Affle,
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PhonePe said its complaint to Sebi has highlighted “serious misrepresentations, including a series of unethical and bad faith actions, as well as potentially illegal actions, that have been and are being continually undertaken by the managing partner, general partner and principal of Ventureast involved with this transaction”.
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