Affle Global wins legal battles as PhonePe fails to acquire 92% of OSlabs

With respect to Affle Global Pte. Ltd. (“AGPL”) minority shareholding in OSLabs Pte. Ltd. (“OSLabs” or “Indus OS”), AGPL finds that 100+ media stories were reported mostly with PhonePe’s bias on the OSLabs related matters including PhonePe’s alleged 92 per cent acquisition of OSLabs, USD60Mn valuation of OSLabs, court cases, arbitration, ethics and more.

In contrast to the PhonePe and OSLabs founders/CEO venting unsubstantiated claims in the media, AGPL has maintained restraint with our no spokesperson policy even though we had favourable arbitration orders well before the media trial began.

On May 15, 2021, AGPL achieved the SIAC emergency arbitration interim order that restricted OSlabs, its founders and key shareholders from transferring approx. 20 per cent equity ownership to PhonePe until the Right Of First Refusal (“ROFR”) is duly offered to the existing shareholders of OSLabs.