World's leading technology company Apple launched iPhone 7 and 7 Plus in San Francisco, United States, on Wednesday. 

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Apple's chief executive officer Tim Cook while launching the phone said, “We have now sold over a billion of iPhones. This like iPhone is the best selling product of its kind in the history of the world."

"It's the best iphone that we have ever created. This is iPhone 7," he added.

According to Zee Business sources, the iPhone 7 and iPhone 7 Plus will cost Rs 53,000 and Rs 61,000, respectively in Indian market. 

Apple has been looking to the sales of the iPhone 7 as the sales of its smartphones have slumped in recent months, due to the iPhone SE failing to grab users attention, ZeeBiz reported earlier on Wednesday.

The company before the launch of the phone tweeted iPhone 7 photos:

Apple said that it sold 40 million iPhones in the third quarter ended June 30, 2016 and earned a revenue of $24 billion. 

Unfortunately, the revenue has fallen 27% on a sequential basis and 23% from the same period a year ago. Its revenues for the third quarter fell to $42.35 billion as against $50.55 billion in the second quarter and $49.60 billion in the third quarter of last year.

With the launch of iPhone 7, the company's sales are expected to increase in 2016 and 2017. The iPhone sales will see a much higher growth of 6.4% in 2017, according to Gartner's report.

This could come as good news for Apple who has been witnessing a drop in the sales of its iconic iPhone for three-quarters in a row. In the quarter ending June 30, 2016 the sales of the iPhone plummeted by 21% sequentially.  

The company also launched the Apple Watch Series 2 which is swim proof and can be used  up to 50m under water.  Apple Watch Series 2 will be priced at $369.

Besides, Apple Watch will now record users Pokemon Go walk while showing key information.  Pokemon Go Watch app will arrive by year end.

"There are new Pokemon Go complications for your watch face. It shows you how long you have to walk to hatch an egg, when you're close to a pokestop, and even level stats,"said Niantic chief executive officer John Hanke while talking about Pokemon GO for the Apple Watch.

Key features of iPhone 7 and iPhone 7 plus are: 

There's a new reefined design for iPhone 7 called as Jet Black. It has high glass finish and has stainless steel Apple's logo. 

The company has redesigned its home button for iPhone 7 and iPhone 7 Plus. For instance, feedback for messages, ringtones, musics ,etc., notifications users can get it through home button in new phones.

The new inclusion in iPhone 7 and iPhone 7 Plus are water and dust resistant.

The 12-mp pixel camera is highly advanced in new phones with six elements, optical image stabiliser, 1.8 aperture, high-speed sensor, Quad-LED true tone flash, Apple-designed ISP, 60% faster and 30% more energy efficient and wide colour gamut.

With iOS 10 on iPhone7 and iPhone 7 plus, users can edit the live video footages and images. 

Watch the LIVE stream of the Apple's launch of iPhone 7 event here-