PhonePe To Launch Its App Store In India For Android
PhonePe has recently expanded outside its core payments industry, embracing other fintech areas such as insurance and investment. It recently ventured into ecommerce with the launch of its ONDC app, Pincode
Fintech decacorn PhonePe is launching its own store for Android users in India. With this move, the company is joining forces with tech giant Google in the app store market.
PhonePe’s app store will offer hyper-localised services based on customers’ preferred language and search history. The platform will also help developers acquire users via multilingual solutions.
PhonePe, in April last year acquired the app store maker Indus OS after it legal-conflict with Affle. The fintech startup, further, aiming to strengthen its partnerships with smartphone vendors through the app store.
The timing is critical, according to the fintech decacorn, because Google is embroiled in an extended lawsuit with India’s antitrust agency, the Competition Commission of India (CCI). Last year, the CCI levied a significant penalty on Google, as well as an order allowing other developers to construct their app shops outside of Google.
The finance company is thought to be in talks with numerous phone manufacturers in India. Many phonemakers are open to PhonePe’s intentions in light of the CCI’s order, which stated that Google cannot engage in the anti-competitive practise of blocking competing app stores from Android handsets.
PhonePe has recently expanded outside its core payments industry, embracing other fintech areas such as insurance and investment. It recently ventured into ecommerce with the launch of its ONDC app, Pincode.
The company is raising around $1 billion in funding as it prepares for a listing in India. To date, it has raked in USD 750 million. The Walmart-acquired fintech giant has been raising funds at a pre-money valuation of $12 billion.
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