Hi Himanshu,
I asked the same question until recently when I implemented Fiori wave 2 applications, the Launchpad is the newer version and seems to be a lot more robust and user friendly. The Launchpad seems to have a few more features and is far easier to configure, it even allows users to configure their own launch pages based on their assigned groups / catalogues.
As Masa has said in may blogs, if you are looking at going live with apps this year, use the Launchpad over the Launchpage.
All the best.
Shaun