PhonePe, an Indian payment services company backed by Walmart, is at an advanced stage of negotiations to acquire Indus OS, a startup that operates an eponymous third-party Android app store, a source familiar with the matter told TechCrunch.
The deal values Noida-based Indus OS at $ 60 million, the source said, requesting anonymity as the matter is private. The deal has yet to be concluded. PhonePe and Indus OS did not immediately respond to a request for comment.
Indian media Entrackr made a first report on the development.
Indus OS powers several popular third-party Android stores, including Samsung’s Galaxy Store, and provides partners with localized content and apps.
At the end of last year, Indus OS said it offered its partners 400,000 applications in English and 12 Indian languages. The seven-year-old startup, which has raised around $ 21 million to date and monetizes through ads, has amassed more than 100 million users.
The startup plans to launch an app store for individual users once Google begins accepting third-party app stores, another source familiar with the matter said.
It is still unclear why PhonePe is interested in offering Indus OS. The Bangalore-based startup has long had its own mini app store on its app. A handful of companies – including PhonePe rival Paytm – have launched or are considering launching their own mini app stores in recent months.