Nokia is expanding its smartphone lineup with the all-new Lumia 530, building on the success of its popular Lumia 520.

Microsoft, the world leader in software business, announced a successor to its most popular Windows Phone handset, the all-new Nokia Lumia 530, which takes on rivals in the low-end market against the likes of cheaper Android alternatives.

The new Lumia handset packs upgraded specs and additional features that the previous version lacked. Most changes are seen under the hood.

The Lumia 520 offered  decent competition to other phones in its affordable range and was rated as the company's most popular Windows Phone handset. The sturdiness of the handset was proved earlier this May when it took a bullet to save a cop's life. The latest Lumia 530 is built on the same chassis with some upgrades to the inside features and specifications.  

"We are moving quickly to help more people experience the uncompromised Lumia technologies, third party apps, and Microsoft services that we deliver on our flagship products, "Jo Harlow, Corporate Vice President of Microsoft Devices Group said in a statement published in Nokia's Conversation blog, Wednesday. "Lumia 530 underscores our commitment to making affordable smartphones for everyone, and introducing more people to the best of Microsoft."

The Nokia Lumia 530 sports a 4-inch LCD touchscreen display with 854 x 480 pixel resolution, same as its predecessor. The processor is upgraded to a faster 1.2GHz Qualcomm quad-core Snapdragon processor, and runs the latest Windows Phone 8.1 out of the box. It packs 4GB of internal storage but can be expanded up to 128GB via microSD card. The hot stuff in the handset are features such as customizable backgrounds, Action Center, Word Flow and Microsoft's Siri-like digital assistant Cortana, in regions available.

The Lumia 530 may not boast best of Nokia's camera sensor but it comes with reasonable 5-megapixel rear-facing camera and supports apps like Creative Studio, Cinemagraph and GlamMe app. The smartphone will arrive in two variants, Lumia 530 Single SIM and Lumia 530 Dual SIM with an expected price tag of $114. Both models will go on  sale in select markets in August followed by a global release.