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    9434   JP3732000009

SOFTBANK CORP.

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Paytm targets a million apps on its mini app store to take on Google

10/08/2020 | 07:34am EDT
FILE PHOTO: A vendor weighs vegetable next to an advertisement of Paytm, a digital payments firm, hanging amidst his vegetables at a roadside market in Mumbai

NEW DELHI (Reuters) - Alibaba-backed Indian fintech firm Paytm is aiming for a million apps on its "mini app store" by the first quarter of 2021, it said on Thursday, seeking to challenge the dominance of Alphabet's Google in India's mobile web economy.

Paytm founder Vijay Shekhar Sharma called Google "judge, jury and executioner" after his app was temporarily removed from the Android app store last month for a policy violation. On Thursday, he kicked off his company's "Mini App Developer Conference" by calling Google a "toll collector".

Google, whose Android operating system powers nearly 99% of India's roughly 500 million smartphones, has faced criticism from several startups in the country over a move to enforce its global policy more strictly and charge a 30% commission for in-app purchases.

That criticism led the U.S. tech giant this week to defer by six months its deadline for Indian companies to comply with the new billing system.

Paytm's Sharma is trying to use the discontent to attract business to his newly launched mini app store, which is hosted within the Paytm app. He has vowed not charge domestic app developers any fees.

"Neither a company from the East, nor a company from the West, if someone will rule India it will be an Indian company," Sharma said in the virtual conference.

Google did not immediately respond to a request for comment.

A mini application is typically hosted within a bigger app and the user experience may not be as seamless as a standalone app, but it can save app developers the time and money involved in building more complex apps.

Paytm's mini app store will allow "app developers to, for good, forget about going through somebody else's kingdom or roads," Sharma said.

Paytm, also backed by Japan's SoftBank and Warren Buffett's Berkshire Hathaway, will create a 100 million rupee (1.06 million pounds) fund for India's mini app developers, Sharma added.

For Google, the face-off against Paytm and other Indian app startups creates a new problem in one of its top growth markets, where it has committed to spend around $10 billion over the next five to seven years through equity investments and tie-ups.

Google also faces four antitrust cases in India, the latest of which alleges the Mountain View, California-based tech giant abused its Android operating system's dominant position to garner an unfair advantage in the smart TV market.

Google has denied any wrongdoing.

"A number of app stores will have to come in this country and co-exist," Paytm's Sharma told Reuters.

(Reporting by Sankalp Phartiyal and Aditya Kalra; Editing by Euan Rocha and Mark Potter)

By Sankalp Phartiyal and Aditya Kalra


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 1.09% 211.6 Delayed Quote.-10.06%
ALPHABET INC. 0.80% 2434.87 Delayed Quote.37.82%
BERKSHIRE HATHAWAY INC. -1.24% 420359 Delayed Quote.22.38%
SOFTBANK CORP. -0.39% 1412.5 End-of-day quote.9.24%
SOFTBANK GROUP CORP. -1.40% 7897 End-of-day quote.-2.00%
UNITED PARCEL SERVICE INC -1.18% 198.05 Delayed Quote.19.01%
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Financials
Sales 2021 5 136 B 46 556 M 46 556 M
Net income 2021 511 B 4 632 M 4 632 M
Net Debt 2021 4 136 B 37 493 M 37 493 M
P/E ratio 2021 13,4x
Yield 2021 6,08%
Capitalization 6 620 B 60 005 M 60 007 M
EV / Sales 2021 2,09x
EV / Sales 2022 1,98x
Nbr of Employees 37 821
Free-Float 57,9%
Chart SOFTBANK CORP.
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SoftBank Corp. Technical Analysis Chart | 9434 | JP3732000009 | MarketScreener
Technical analysis trends SOFTBANK CORP.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 1 656,79 JPY
Last Close Price 1 412,50 JPY
Spread / Highest target 55,8%
Spread / Average Target 17,3%
Spread / Lowest Target -17,2%
EPS Revisions
Managers and Directors
NameTitle
Junichi Miyakawa President, CEO & Representative Director
Kazuhiko Fujihara Chief Financial Officer & Director
Ken Miyauchi Chairman
Takashi Tsutsui Chief Scientist & Managing Executive Officer
Keiichi Makizono Chief Information Officer
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