PhonePe goes to Sebi against Ventureast for ‘scuttling’ Indus OS deal

Digital payments firm PhonePe on Saturday said it has filed a formal complaint with markets regulator Sebi against early-stage investment fund Ventureast and its top officials.

The complaint’s main premise is that Ventureast, an investor in homegrown content discovery platform Indus OS, did “side dealings” with technology firm Affle Global “deliberately” in a “bad faith attempt to scuttle” PhonePe’s acquisition of Indus OS.

Singapore-based Affle Global is a minority investor in Indus OS that has objected to PhonePe’s acquisition.

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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