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M&ABelow Precedentsis PayUa →comparative BillDesk (Aug 2021) Prosus-backed PayU agreed to acquire BillDesk—India’s oldest large-scale payments processor—for US $4.7 billion, creating onesnapshot of the world’PhonePe’s largestkey digital-paymentspeers platformsacross outsidepayment Chinavolume, corporate.payu.inuser base, financial scale and strategic positioning. Each section covers market share, user metrics, funding/valuation or revenues, and core business focus.

Google Pay UPI Market Share (Apr ’24): 37.5% of total UPI volumes (35% by value) .

PayUUser →Base: Citrus≈150 Paymillion (SepMAUs 2016)globally, Toincluding bulk>25 upmillion itsmonthly transacting users in 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 .

AxisBusiness BankModel →& CitibankStrengths: IndiaPure-play ConsumerUPI (Marapp 2023)with Axisseamless BankAndroid paidintegration; ₹11,603no Croreonboarded (~USwallet, $1.4driving billion)bank-to-bank toflows. acquireLeverages Citibank’Google’s retailecosystem banking,for credit cardsscale and wealth-managementoffers arms,rewards transferringvia ~3,200partner employeesbanks.

and

Paytm 1.8UPI millionMarket cardShare accounts(Apr The’24): Economic8.3% Timesof ETCFO.comUPI volumes .

WalmartFY24 →Revenue: Flipkart₹9,978 (MayCr, 2018)+25% 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 TimesYoY .

PhonePeMonthly →Transacting WealthDeskUsers: & OpenQ (May 2022) PhonePe paid US $7596 million to(9.6 acquireCr WealthDeskMTU) andin OpenQ—expandingQ4 fromFY24, pure+7% payments into wealth-management distribution EntrackrYoY .

PhonePeProfitability: →Reported GigIndiafirst full-year EBITDA (Mar 2022) Acquired GigIndia (networkpre-ESOP) of 1.5₹559 millionCr freelancein “micro-entrepreneurs”)FY24; remains net-loss-making due to bolsterregulatory headwinds on its merchant-onboardingpayments andbank distribution reach; terms undisclosed PhonePelicense .

PhonePe → OSLabs (Indus OS parent) (Feb 2022) After protracted negotiations, PhonePe bought OSLabs—owner of the multilingual Indus Appstore—cementing itsPositioning: “super-Super-app” strategy;play pricewith undisclosedUPI, Inc42wallet, Mediabanking, e-commerce, financial services; battling compliance challenges that have capped new UPI users .

RazorpayAmazon →Pay ThirdwatchUPI Market Share (NovMar 2018)’25): Razorpay’s~0.6%, firstranking acquisition8th among UPI apps .

Registered Users: >100 million UPI users since launch in 2019 .

FY24 Operating Revenue: ₹2,286 Cr, +9.2% YoY; loss narrowed 39% to ₹911 Cr .

Transaction Footprint: Processed ~72.4 million UPI transactions in July 2024 (≈0.5% of Chennai-basednetwork) Thirdwatch.

(fraud-detection

Focus: AI)Leverages setAmazon’s thee-commerce stageecosystem for advancedpayment risk-managementadoption; services;expanding financialinto termsinsurance notand publiclycredit disclosedofferings Razorpayfor sellers.

BharatPe UPI Market Share (Feb ’22): 13.5% of UPI app volumes (3rd largest) .

2024 Revenue: ₹1,490 Cr (Mar 31, 2024) .

Valuation: ~$2.75 billion (latest growth-equity rounds) .

Funding PrecedentsRaised: PhonePe Series D (Jan 2023) General Atlantic led US ~$350424 million atover a8 USrounds; $12backed billionby pre-moneySequoia, valuation,Coatue, validatingInsight, PhonePe’s pivot into financial services beyond UPI General AtlanticRibbit .

Employee Count: ~605 as of Oct 2024 .

Positioning: QR-code merchant aggregator with lending and investment overlays; strong SME focus.

CRED SeriesUPI FMarket Share (Jul2024): 2024)~1% CRED raised ₹1.97 lakh Crore (~US $235 million) in its latest round, bringingof total fundingUPI tovolumes US.

Monthly Active Users: 13 million MAUs as of June 2024 .

Valuation: $6.4 billion (Jun 2023) .

Total Funding: ~$867 million across 10 rounds; backersinvestors include Tiger Global, GIC, Tiger Global and Dragoneer Tracxn .

Niche: Rewards-driven platform targeting high-credit-score millennials with credit-card bill and lending services.

Razorpay Series F (Dec 2021) Razorpay secured US $375 million at a USValuation: $7.5 billion valuation,post-Series co-ledF by($375 Lonemillion) Pine,in AlkeonDec and TCV, making it India’s highest-valued privately held fintech at the time Razorpay Moneycontrol2021 .

BharatPeFocus: FundingSME-oriented (2023)payment BharatPegateway, has raised US $424.2 million over 8 rounds, most recently valued at US $2.75 billion; marquee backers include Sequoia, CoatueNeo-banking, and RibbitAPI-driven Capitalfinancial Theservices. BusinessPowers Rulemillions .of merchants with invoicing, payouts, lending.

Pine Labs Re-valuationValuation (Dec 2023) Baron Funds re-marked Pine Labs at USMarks: $5.8 billion,billion while(Baron InvescoFunds) had reported a USand $4.8 billion valuation,(Invesco) underscoringas marketof confidenceDec in its POS and lending fintech suite The Economic Times2023 .

MobiKwikBusiness: LatestMerchant RoundPOS devices and financing; leading physical point-of-sale player with significant BNPL offerings.

Summary: While PhonePe leads UPI with ~49% share, Google Pay (Mar~37%) 2024)and MobiKwik’sPaytm 24th(~8%) fundingremain roundits raisedprimary USvolume $6rivals. million,Amazon liftingPay, totalBharatPe capitaland CRED each command single-digit shares but differentiate through deep e-commerce integration, merchant-lending, or premium-user positioning. Razorpay and Pine Labs, though outside pure UPI, dominate the merchant-gateway and POS financing segments—critical adjacencies to USPhonePe’s $284future million;super-app investors include ADIA and American Express Ventures Tracxn .ambitions.