PhonePe strengthened its lead in India’s UPI ecosystem in March, with transactions up 88% to 1,050 crore and overall UPI volume hitting record highs. NPCI data shows the month’s transaction value climbed to 29.53 lakh crore. Google Pay and Paytm saw slight market-share declines, while smaller players like Navi and super.money gained modest ground. Regulatory moves on PPIs and new UPI use cases also loom.
PhonePe has raised $350 million (about Rs 3000 crore) led by General Atlantic, valuing the startup at $12 billion (around Rs 98,000 crore). The company says it will invest in infrastructure such as data centers and expand into financial services including insurance, wealth management, and lending. The move follows recent Flipkart-PhonePe ownership separation.
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Razorpay is reportedly preparing a confidential IPO filing, but investors may scrutinize whether its growth is sustainable and how quickly it can reach profitability. The startup, previously valued at $7.5 billion, could face valuation pressure, with estimates pointing to roughly $5 billion. The move also comes after Walmart-backed PhonePe paused its $1.3 billion IPO due to geopolitical concerns.
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