PhonePe has renamed its Android app marketplace from Indus Appstore to PhonePe Appstore. The platform now offers digital goods, including gift cards and top-ups, in addition to apps and games. PhonePe has also launched a browser-based store at phonepeappstore.com.

What is changing for users?

Previously, the platform focused on app discovery. It now serves as a unified destination for digital lifestyle spending, offering app and game downloads, gift card purchases, and account top-ups, along with discounts on gaming, technology, and entertainment products.

The upcoming Digital Top-ups feature will enable users to purchase in-game items, such as coins and skins, as well as boosts on dating apps. PhonePe said gaming top-ups would be introduced first, followed by additional categories.

Purchases will use PhonePe’s existing payments infrastructure, which the company says will make it easier for users to discover and buy digital products.

What is changing for developers?

PhonePe presents the store as an alternative channel for app distribution and monetisation. In addition to listing their apps, developers can access:

  • Integrated payments
  • Ads
  • Analytics and insights on their products

Priya Narasimhan, Chief Business Officer at PhonePe Appstore, said developers could now earn through advertisements, gift cards, and top-ups. PhonePe claims this would offer developers “improved margins”. However, the company did not disclose commission rates, revenue-sharing terms, or how its offering compares with other app stores.

Adoption and catalogue

According to PhonePe, the five states with the highest adoption are Uttar Pradesh, Maharashtra, Bihar, Karnataka, and Telangana. However, the company has not disclosed user counts, download figures, or monthly active user numbers.

  • Apps named: ChatGPT, Duolingo, ShareChat and Sony LIV.
  • Games named: Honor of Kings and Hitwicket.
  • Top game categories: Social, action and simulation.

What The Announcement Does Not Say

  • The figure of “200 million devices” refers to devices on which the store is available, largely through pre-installation by original equipment manufacturers (OEMs). It does not represent active users or downloads.
  • PhonePe did not disclose the pricing, discount levels, or partner brands associated with gift cards and top-ups.
  • The company did not announce a launch date for Digital Top-ups or provide a timeline for introducing additional categories.
  • The announcement did not specify developer fees or explain how revenue would be shared.
  • The release did not clarify what would happen to the Indus Appstore name, existing app listings, or user accounts during the transition.

How Indus Appstore Got Here 

PhonePe launched Indus Appstore on February 21, 2024, as an Android marketplace to compete with Google and Apple. The launch followed PhonePe’s $90 million acquisition of Indus OS in May 2022.

At launch, the store offered zero platform fees and no commission on in-app purchases, compared with Google’s commission rates of 15–30%. Developers could also use third-party payment gateways for in-app billing. PhonePe initially planned to generate revenue by charging developers for app discovery and advertising. The platform’s recent expansion into gift cards, top-ups, and advertising marks a shift in its monetisation strategy.

Distribution has relied heavily on partnerships with device manufacturers. Xiaomi updated its devices in India to replace GetApps with Indus Appstore. This partnership contributed to the “200 million devices” figure attributed to OEM partnerships.

In FY26, PhonePe reported a goodwill impairment of Rs 684.7 crore.

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