Vijay Shekhar Sharma, CEO and founder, Paytm on Thursday announced Rs 10 Cr investment for mini app developers on Paytm Mini App Store. The platform was launched recently by the fintech giant days after the company, along with other startups accused Google of being unfair for charging 30% commission.
“We are announcing a Rs 10 Cr investment fund for mini app developers in this country. This means people who want to build mini apps on our platform will now have an equity investment. And these investment terms will be one of the most lenient investment terms you can expect,” Sharma said at a digital conference.
The platform will not charge the apps any listing fee to the mini app developers and is providing free payment avenues such as Paytm Wallet, Paytm Payments Bank and UPI. However, a two percent charge will be levied on credit cards.
Sharma has been very vocal against Google’s move to charge 30% commission. “Paytm Mini App store will bring 1 million apps before Google brings any charging obligation to Indian developers. Our target is to have 1 million apps by the first quarter of 2021,” he said.