India`s PhonePe launches e-commerce app on government`s open network
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Walmart Inc-backed digital payments firm PhonePe Pvt Ltd launched an app called Pincode on the Indian government's open network on Tuesday to strengthen its e-commerce business.
The Open Network for Digital Commerce (ONDC) was launched last year to enable small merchants and local stores across India to access processes and technologies typically deployed by large e-commerce platforms like Amazon and Walmart.
Pincode, which will focus on hyperlocal commerce, is currently live only in Bengaluru and available on the Google Play Store and the App Store, PhonePe said in a statement.
It said categories on the app will include groceries, food, pharma, electronics, home decor and fashion.
The company is targeting 100,000 orders a day on the app by December, Chief Executive Sameer Nigam said, adding that it would not launch the service in more than 10 cities in the first year.
PhonePe already has an e-commerce platform, called Switch, on its app, which offers services including food delivery, grocery shopping, travel, hotel booking, retail fashion and healthcare.
India's most valuable payments firm, PhonePe had raised $200 million from majority-backer Walmart in a pre-money $12 billion valuation in March.
