PhonePe files complaint with Sebi against Ventureast Fund over OSLabs deal

Walmart-backed PhonePe, one of India’s largest digital payments platform, has filed a complaint with the markets regulator Securities and Exchange Board of India (Sebi) against Ventureast Proactive Fund-II (VPF), an alternative investment fund (AIF) operating out of India. PhonePe accused Ventureast of committing multiple violations on the part of its side dealings with Affle, in a deliberate attempt to ‘scuttle’ its (PhonePe’s) OSLabs acquisition.

The Sebi complaint is in addition to the lawsuit filed by PhonePe against Ventureast and Affle in the Singapore High Court claiming that Ventureast ‘deliberately’ deceived them by continuing to engage with them and OSLabs on the sale of its shares in the latter, in favor of PhonePe,