Digital payments firm, PhonePe on Saturday filed a formal complaint against Ventureeast, with markets regulator Securities and Exchange Board of India (SEBI), accusing the latter of ‘side dealings’ with Affle to scuttle its majority acquisition of IndusOS. This SEBI complaint in India is in addition to a lawsuit that PhonePe has already filed against Ventureast Proactive Fund-II (VPF) and Affle in the Singapore High Court. Last month, Flipkart-owned PhonePe was in late stage talks to acquire homegrown app store IndusOS for $60 million in cash. However, soon after, mobile marketing platform Affle moved to the Singapore High Court suing PhonePe and OSLabs, while objecting to the deal. “We believe it’s important to expose such unethical conduct by VPF for the sake of the larger startup ecosystem.

Source: Mint June 12, 2021 16:07 UTC