Affle (India) to acquire strategic stake in Indus OS; stock zooms 5%

Indus OS operates India’s largest independent indigenous apps store, with key investment from Samsung Venture Investment Corporation.

Jul 03, 2020 01:07 IST India Infoline News Service

Affle (India) Limited through its subsidiaries (“Affle”), announced the signing of a definitive agreement to acquire 8% ownership in OSLabs Pte. Ltd., Singapore (Indus OS). Indus OS operates India’s largest independent indigenous apps store, with key investment from Samsung Venture Investment Corporation.

The stock is currently trading at Rs1,523.90, up by Rs72.55 or 5% from its previous closing of Rs1,451.35 on the BSE.

A homegrown app and content discovery platform - Indus OS’ key offering - “Indus App Bazaar” has over 400,000 apps accessible in English and 12 Indian languages including Hindi, Gujarati, Marathi, Tamil, Telugu, Urdu, Odia, Punjabi, Malayalam, Bengali, Assamese and Kannada. It is a default apps store for all Samsung devices in India powering the Samsung’s Galaxy store, and partners with many of the Indian OEMs as well.

Indus OS platform is designed to help users discover digital content and services in the language of their choice. Utilizing its proprietary AI-driven app recommendation engine, Indus OS optimizes the user experience, delivering higher engagements and bringing app developers, smartphone brands and users on a single India centric platform.

Commenting on this development, Anuj Khanna Sohum, the Chairman, MD and CEO at Affle said “We are excited to announce our strategic investment in Indus OS. This investment reaffirms our commitment to Affle2.0 growth strategy and building a sustainable market leadership. We derive significant synergies with the Indus OS App Bazaar which through its multi-lingual capabilities, deeply enhances our vernacular scale and the verticalization strategy. It strengthens Affle’s position as the enabling platform for the indigenous apps ecosystem in India, ensuring a digitally inclusive growth for our customers.”

Talking about it, Rakesh Deshmukh, the Co-founder, Director and CEO of Indus OS commented “We are thrilled to commence on this exciting journey together with Affle. Indus OS platform with its indigenous app store capabilities, thousands of apps and powered by a robust app recommendation engine is deployed by Samsung and many Indian OEMs. This deal would strategically strengthen our market position and create a leading one-of-a-kind engagement model for the Indian users. I would like to thank our team, users and partners for their continued support, and looking forward to our long-term collaboration together with Affle.”

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