The launch date of PhonePe’s app store is still unclear.
Indian fintech platform PhonePe is reportedly preparing to launch its app store for Android users in the country. With this, the Indian startup is gearing up to enter a market that is mainly dominated by American tech giant Google.
According to a report by TechCrunch, the company’s latest product is designed to offer hyper-localized services based on customer context. PhonePe’s app store aims to help developers with “high-quality” user acquisition via multilingual solutions, TechCrunch added citing an internal company document.
The app store, which is said to offer a more localized experience not just in terms of language but discovery and consumer interest perspective, will offer support for 12 languages and 24×7 live chat. Additionally, the PhonePe app store will offer a “premiere experience for millions of users with high-quality advertisements and custom targeting,” the document seen by the media organization added.
The digital payments company also plans to strengthen its engagement with smartphone makers like Xiaomi. Furthermore, PhonePe aims to make its app store available as a standalone app to Indian consumers, who can download it as a standalone product from Google Play.
The media report added, citing a PhonePe spokesperson, that the timing is also “favorable” for the fintech company pointing to the recent order by the Competition Commission of India that would not Google engage in anti-competitive practices. The company confirmed to TechCrunch its multiple conversations with phone makers in the country about its localized app store; adding that “everyone is very receptive.”
The launch date of PhonePe’s app store is still unclear. However, the media report quoting the company’s spokesperson said it has closed terms with one of the largest original equipment manufacturers and is trying to get others onboard over the next couple of months.
It is noteworthy that last year PhonePe completed a long-pending deal to acquire OSLabs, parent of local app store maker Indus OS, after reaching an “amicable settlement” with the company’s major shareholder Affle Global. Homegrown Indus OS is based on the Android operating system and is designed to provide a user-friendly and localized mobile experience for Indian users.
Earlier this month, India’s fintech startup raised an additional $100 million from investors like General Atlantic as a part of an ongoing funding round of $1 billion. With this, PhonePe has raised $750 million across four tranches.
India’s most valued fintech company PhonePe commanded the largest market share among other United Payments Interface applications at over 46% in March, according to data by the National Payments Corporation of India. The fintech platform reported over 407.63 crore transactions worth Rs 7.07 lakh crore.
The startup was acquired by Indian e-commerce major Flipkart in 2016, but the two firms completed the separation process last year. The company relocated its headquarters from Singapore to India last year.
