PhonePe, the mobile payments platform that leads the market in India, intends to introduce an Android app store of its own. Indian users will be able to access this service via their payments wallet app, and it aims to furnish them with secure, top-quality mobile applications.
The store will provide context-based hyper-localized services to customers. According to an internal company document analyzed by TechCrunch, the Walmart-supported company is planning to rival Google by offering developers a better user acquisition experience with the help of multilingual solutions.
Based on the same source, PhonePe, which competes with Google’s Play Store, is the most valuable fintech startup in India. The company intends to enhance its partnerships with smartphone manufacturers, such as Xiaomi from China.
The upcoming PhonePe app store will be available in 12 different languages and will offer 24/7 live chat support.
PhonePe believes that people avoid downloading multiple apps on their phones, as per an anonymous source. While the company has already introduced a mini app store in its primary app, it is developing a full-fledged app store that will compete against Google’s leading position in the Indian app store market.
For its upcoming app store, PhonePe aims to use a more localized strategy to attract users based on their interests and preferences, not just language, as demonstrated by its success in gathering 450 million registered users in the country.
According to representatives from PhonePe cited by TechCrunch, the company believes that the current timing is favorable because the Indian antitrust watchdog, the Competition Commission of India, has ruled that Google is not permitted to participate in any anti-competitive behaviors.
Additional updates from PhonePe!
Walmart invested USD 200 million in PhonePe in March 2023 as primary capital, valuing the company at USD 12 billion before the investment.
Following its relocation to India in December 2022, PhonePe has been fundraising up to USD 1 billion. Recently, the company received additional funding. Before this, global investors had already contributed USD 650 million to the cause.
Sameer Nigam, the CEO, and founder of PhonePe, expressed his gratitude to Walmart, which is the majority investor in the company, for their continuous support of the company’s long-term objectives while commenting on the news.
General Atlantic, a returning backer, provided additional funding of USD 100 million to PhonePe in April 2022. The company plans to use the newly acquired funds to expand and enhance its financial services, which cover various areas such as insurance, wealth management, stock trading, lending, and account aggregation.
As a result of these recent investments, the company’s value has skyrocketed to USD 12 billion, ranking it among India’s most coveted fintech startups.
PhonePe, which has been successful in the Indian fintech market, is planning to launch its own Android app store and will be competing with Google in India. The launch date of the app store is currently unknown, but we are confident that it will be successful once it becomes available. Please stay tuned for further updates!