PhonePe takes over Indus App Bazaar for Rs 438 cr
As per news source, the digital payment app owned by Walmart, PhonePe has taken over home-grown Indus App Bazaar for $60 million (roughly Rs 438 crore).
This acquisition will fortify PhonePe’s ‘Switch’ app that aggregates several useful apps at one place.
PhonePe launched the Switch platform in 2018 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.
More than 17.5 million merchant outlets across 500 cities nationally accept PhonePe.
Indus OS was founded by IITians, Rakesh Deshmukh, Akash Dongre, and Sudhir Bangarambandi in 2015. 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. The core aim of Indus App Bazaar is to democratize the use of mobile applications for the world starting with India with an enhanced app store ecosystem (EASE).
Indus OS has accumulated around $20 million to date.
On the other hand, PhonePe has over 280 million registered users.
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