Affle (India) ends higher on acquiring stake in Singapore firm

MUMBAI: Shares of Affle (India) Limited ended locked in the 5% upper circuit at ₹1523.90 apiece on the BSE, after the company said it has signed a definitive agreement to acquire 8% stake in Singapore's OSLabs for $2.86 million.

The acquisition is likely to completed by 25 July. According to the unaudited results of OSLabs ("Indus OS"), its consolidated revenue from operations for the year ended March stood at ₹18.05 crore.

OSLabs is a strategic investment for Affle as the latter owns and operates 'Made for India' Indus App Bazaar which is the country's largest independent indigenous app store.

Indus App Bazaar with over 400,000 apps in English and 12 Indian languages, enhances Affle's vernacular and verticalization strategy, and strengths Affle's position as the enabling platform for the indigenous apps ecosystem in India.

Since the beginning of 2020, the Affle (India) stock has shed 4% compared to a 13% drop in the benchmark Sensex.

Affle (India)'s consolidated net profit rose 5.7% year-on-year to ₹15.29 crore for the quarter ended March. Net sales rose 32.3% to ₹80.02 crore.

Affle is a global technology company with proprietary consumer intelligence platform that delivers consumer engagements, acquisitions and transactions through relevant mobile advertising.