Explore the latest news, in-depth reports, and executive analysis tagged with #Upi.
The startup will use the fresh capital to expand its global team of AI specialists and engineers, invest in proprietary technology and AI-native delivery capabilities, among others.
Total expenses of the fintech startup grew 130% to Rs 557 crore in FY26 from Rs 242 crore in FY25.
The round also included participation from IPV, LetsVenture, Launch Capital, AVNM Ventures and Navyug Global Ventures.
Prior to this funding round, RevRag AI had secured $600,000 in a pre-seed round led by Powerhouse Ventures in August 2024.
Digital gold purchases value via UPI increased to Rs 2,585.35 crore in September from Rs 2,488.52 crore in August.
The UPI MDR rollout, which was announced from October 15, will be implemented post Diwali.
![UPI MDR Delay: PhonePe meets govt officials; NPCI Steering Committee Meeting cancelled today [Exclusive]](/upload/theheadandtale.com/2026/10/1791547094_aa1c7337de_upi_2.jpg)
With NPCI also holding meetings with government departments, uncertainty over the October 15 rollout continues, sources say.
The proposed introduction of a Merchant Discount Rate (MDR) on UPI transactions, which was starting from October 15, is likely to be deferred to January.
The funding round also saw participation from a group of angel investors.
While India has spent a decade trying to make money move without paper, the face of Gandhi on the currency note remains as relevant as ever.
In August, PhonePe accounted for a 45.64% share of UPI transaction volume, followed by Google Pay at 32.26% and Paytm at 8.03%.
The appointment follows a succession process that gained momentum after Sashidhar Jagdishan informed the board in August that he would step down at the end of his term.
The Mumbai-based startup will deploy the fresh capital to expand its engineering team, among others.
Saha, who joined Kotak Mahindra Bank in January 2026, will succeed Ashok Vaswani, whose term as CEO ends on December 31.
The startup is building systems for the defence, aerospace and space sectors.
The funding round also saw participation from existing investors Kunal Shet and Parth D Bhasin.
"Apple Pay is launching on Wednesday, starting with supporting credit cards from Axis Bank," one of the sources said.
The new fund has received commitments from Play Capital, a Nordic Fund of Funds (FoFs) and family offices such as Eraya, Twin & Bull Investments and Heritage Investments.
UPI's new 0.4% MDR grabbed headlines, but the real story is who profits. By our estimates, the top three UPI apps could get up to 40% of the MDR split.
Several victims allege they paid thousands to GSUnite for fintech software that was never delivered as promised.
