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M&A Precedents PayU → BillDesk (Aug 2021) Prosus-backed PayU agreed to acquire BillDesk—India’s oldest large-scale payments processor—for US $4.7 billion, creating one of the world’s largest digital-payments platforms outside China corporate.payu.in .

PayU → Citrus Pay (Sep 2016) To bulk up its India business early on, PayU bought Citrus Pay for US $130 million, marking then the largest Indian fintech cash-deal and accelerating its merchant gateway capabilities corporate.payu.in .

Axis Bank → Citibank India Consumer (Mar 2023) Axis Bank paid ₹11,603 Crore (~US $1.4 billion) to acquire Citibank’s retail banking, credit cards and wealth-management arms, transferring ~3,200 employees and 1.8 million card accounts The Economic Times ETCFO.com .

Walmart → Flipkart (May 2018) Walmart’s US $16 billion takeover of Flipkart (which had already absorbed PhonePe in 2016) remains the single largest e-commerce deal globally, and underwrote major fintech spin-outs across the group The Economic Times .

PhonePe → WealthDesk & OpenQ (May 2022) PhonePe paid US $75 million to acquire WealthDesk and OpenQ—expanding from pure payments into wealth-management distribution Entrackr .

PhonePe → GigIndia (Mar 2022) Acquired GigIndia (network of 1.5 million freelance “micro-entrepreneurs”) to bolster its merchant-onboarding and distribution reach; terms undisclosed PhonePe .

PhonePe → OSLabs (Indus OS parent) (Feb 2022) After protracted negotiations, PhonePe bought OSLabs—owner of the multilingual Indus Appstore—cementing its “super-app” strategy; price undisclosed Inc42 Media .

Razorpay → Thirdwatch (Nov 2018) Razorpay’s first acquisition of Chennai-based Thirdwatch (fraud-detection AI) set the stage for advanced risk-management services; financial terms not publicly disclosed Razorpay .

Funding Precedents PhonePe Series D (Jan 2023) General Atlantic led US $350 million at a US $12 billion pre-money valuation, validating PhonePe’s pivot into financial services beyond UPI General Atlantic .

CRED Series F (Jul 2024) CRED raised ₹1.97 lakh Crore (~US $235 million) in its latest round, bringing total funding to US $867 million across 10 rounds; backers include GIC, Tiger Global and Dragoneer Tracxn .

Razorpay Series F (Dec 2021) Razorpay secured US $375 million at a US $7.5 billion valuation, co-led by Lone Pine, Alkeon and TCV, making it India’s highest-valued privately held fintech at the time Razorpay Moneycontrol .

BharatPe Funding (2023) BharatPe has raised US $424.2 million over 8 rounds, most recently valued at US $2.75 billion; marquee backers include Sequoia, Coatue and Ribbit Capital The Business Rule .

Pine Labs Re-valuation (Dec 2023) Baron Funds re-marked Pine Labs at US $5.8 billion, while Invesco had reported a US $4.8 billion valuation, underscoring market confidence in its POS and lending fintech suite The Economic Times .

MobiKwik Latest Round (Mar 2024) MobiKwik’s 24th funding round raised US $6 million, lifting total capital to US $284 million; investors include ADIA and American Express Ventures Tracxn .