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UPI volumes slip; Moneyview makes strong market debut
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UPI transaction volumes in September moderated from the record high of August. This and more in today’s ETtech Top 5.
Also in the letter:
■ RDI funding pause
■ Mayank Khanduja joins Bessemer
■ SBI MF raises Swiggy stake
India's Unified Payments Interface (UPI) processed 24.07 billion transactions worth Rs 29.37 lakh crore in September, moderating from a record high in August, according to data released by the NPCI (National Payments Corporation of India).
What’s happening: Transaction volumes dipped 1.8% from 24.51 billion in August, while the value of transactions also fell marginally month-on-month. On a year-on-year basis, transaction volumes rose 23%, while value increased 18%.
.jpg "UPI Upswing - 3 (2)")
Daily transactions:
MDR backdrop: The September numbers come ahead of changes to the MDR (merchant discount rate) framework that take effect from October 15. NPCI announced a 0.4% MDR on UPI transactions for person-to-merchant payments above 2,000, keeping small-ticket transactions outside its remit. There will be no charge on peer-to-peer payments.
What’s next: Industry participants expect the value of UPI transactions to rise further through October and November, as the main ecommerce festive sales season begins on October 8, with consumers typically spending more on higher-value purchases during this period.
Moneyview cofounder and CEO Puneet Agarwal
Digital lender Moneyview’s shares closed 67% above their IPO (initial public offering) price on Thursday, sharply increasing the paper value of the residual holdings of early investors Ribbit Capital, Accel, and Tiger Global, who partially monetised their stake through the public offering.
IPO proceeds: Ribbit, Accel and Tiger Global realised about Rs 39 crore, Rs 83 crore and Rs 52 crore, respectively, by selling part of their holdings through the IPO’s OFS (offer for sale) portion at Rs 34 apiece.
Investor gains: Ribbit’s remaining stake was worth about Rs 826 crore at the closing price, while Accel’s was valued at around Rs 1,775 crore. Tiger Global’s residual holding was worth about Rs 1,117 crore.
Financials:
The Technology Development Board (TDB) has paused its call for proposals under the government's Research, Development and Innovation (RDI) scheme for administrative reasons, its secretary Rajesh Kumar Pathak told us.
Proposal rush: TDB received 124 proposals under the scheme between February and April, of which 22 had been approved and 73 were under review. The Department of Science and Technology said on X that the call would be reopened after the board assesses proposals received till September 30.
No cash crunch: "Our position is very clear. There is no dearth of funds. We have released whatever the applicant requested," Pathak said. "The applicant has to match 50%. Only then can we give them the matching funds. They take time to raise the matching funds from non-government resources. Once that is done, then we issue funds from our side and hence the gap."
What it funds: The RDI scheme supports projects across domains such as space technology, semiconductors, quantum technology, biotechnology, medical devices, and energy storage.
Mayank Khanduja, a former partner at Elevation Capital, has joined Silicon Valley-based venture capital firm Bessemer Venture Partners as a partner in its India team, the firm said in a statement on Wednesday.
Investment focus: Khanduja, who left Elevation Capital in January, will focus on early-stage investments at Bessemer, working with founders from their first institutional funding round, the firm said.
India team: His appointment takes Bessemer's India team count to five partners: Vishal Gupta, Anant Vidur Puri, Nithin Kaimal, Pankaj Mitra, and Khanduja.
Local footprint: Bessemer, which has backed Indian companies including Swiggy, Urban Company and Sarvam, opened its India office nearly two decades ago. The firm launched its first India-focused fund in 2021 with a corpus of $220 million and followed it with a $350 million India Fund II in March 2025.
SBI Mutual Fund, India’s largest asset management company, has raised its stake in food and grocery delivery company Swiggy to above 5%, purchasing 1.18 crore shares worth around Rs 300 crore through open-market transactions, an exchange filing showed.
The backdrop: The purchase comes at a time when Swiggy has been facing selling pressure following its transition towards becoming an Indian-owned and controlled company (IOCC), a move that led to its exclusion from the MSCI and FTSE indices and resulted in passive fund outflows estimated at around $400 million.
Dual bet: SBI Mutual Fund also holds around 4% in Eternal, making it an investor in both of India’s listed food delivery and quick-commerce rivals.
Also in the letter:
■ RDI funding pause
■ Mayank Khanduja joins Bessemer
■ SBI MF raises Swiggy stake
UPI transaction volume dips to 24.07 billion in September
India's Unified Payments Interface (UPI) processed 24.07 billion transactions worth Rs 29.37 lakh crore in September, moderating from a record high in August, according to data released by the NPCI (National Payments Corporation of India).
What’s happening: Transaction volumes dipped 1.8% from 24.51 billion in August, while the value of transactions also fell marginally month-on-month. On a year-on-year basis, transaction volumes rose 23%, while value increased 18%.
Daily transactions:
- Daily volume: Average daily UPI transactions crossed 800 million for the first time, rising to 802 million in September from 791 million in August.
- Daily value: Average daily transaction value increased to Rs 97,913 crore in September from Rs 96,205 crore in August.
- Monthly value: September’s total transaction value was slightly lower than August’s because the month had one fewer day.
MDR backdrop: The September numbers come ahead of changes to the MDR (merchant discount rate) framework that take effect from October 15. NPCI announced a 0.4% MDR on UPI transactions for person-to-merchant payments above 2,000, keeping small-ticket transactions outside its remit. There will be no charge on peer-to-peer payments.
What’s next: Industry participants expect the value of UPI transactions to rise further through October and November, as the main ecommerce festive sales season begins on October 8, with consumers typically spending more on higher-value purchases during this period.
Moneyview closes 67% above IPO price, boosts paper gains for Ribbit, Accel
Digital lender Moneyview’s shares closed 67% above their IPO (initial public offering) price on Thursday, sharply increasing the paper value of the residual holdings of early investors Ribbit Capital, Accel, and Tiger Global, who partially monetised their stake through the public offering.
IPO proceeds: Ribbit, Accel and Tiger Global realised about Rs 39 crore, Rs 83 crore and Rs 52 crore, respectively, by selling part of their holdings through the IPO’s OFS (offer for sale) portion at Rs 34 apiece.
Investor gains: Ribbit’s remaining stake was worth about Rs 826 crore at the closing price, while Accel’s was valued at around Rs 1,775 crore. Tiger Global’s residual holding was worth about Rs 1,117 crore.
Financials:
- Revenue: Total income rose 43% to Rs 3,404 crore in FY26 from Rs 2,379 crore in FY25.
- Profit: PAT increased 1% to Rs 243 crore from Rs 240 crore in FY25.
Tech Development Board pauses R&D funding citing flood of proposals, denies cash crunch
The Technology Development Board (TDB) has paused its call for proposals under the government's Research, Development and Innovation (RDI) scheme for administrative reasons, its secretary Rajesh Kumar Pathak told us.
Proposal rush: TDB received 124 proposals under the scheme between February and April, of which 22 had been approved and 73 were under review. The Department of Science and Technology said on X that the call would be reopened after the board assesses proposals received till September 30.
No cash crunch: "Our position is very clear. There is no dearth of funds. We have released whatever the applicant requested," Pathak said. "The applicant has to match 50%. Only then can we give them the matching funds. They take time to raise the matching funds from non-government resources. Once that is done, then we issue funds from our side and hence the gap."
What it funds: The RDI scheme supports projects across domains such as space technology, semiconductors, quantum technology, biotechnology, medical devices, and energy storage.
Former Elevation Capital partner Mayank Khanduja joins Silicon Valley VC Bessemer in India
Mayank Khanduja, a former partner at Elevation Capital, has joined Silicon Valley-based venture capital firm Bessemer Venture Partners as a partner in its India team, the firm said in a statement on Wednesday.
Investment focus: Khanduja, who left Elevation Capital in January, will focus on early-stage investments at Bessemer, working with founders from their first institutional funding round, the firm said.
India team: His appointment takes Bessemer's India team count to five partners: Vishal Gupta, Anant Vidur Puri, Nithin Kaimal, Pankaj Mitra, and Khanduja.
Local footprint: Bessemer, which has backed Indian companies including Swiggy, Urban Company and Sarvam, opened its India office nearly two decades ago. The firm launched its first India-focused fund in 2021 with a corpus of $220 million and followed it with a $350 million India Fund II in March 2025.
SBI Mutual Fund’s stake in Swiggy crosses 5% as asset manager picks up shares worth Rs 300 crore
SBI Mutual Fund, India’s largest asset management company, has raised its stake in food and grocery delivery company Swiggy to above 5%, purchasing 1.18 crore shares worth around Rs 300 crore through open-market transactions, an exchange filing showed.
The backdrop: The purchase comes at a time when Swiggy has been facing selling pressure following its transition towards becoming an Indian-owned and controlled company (IOCC), a move that led to its exclusion from the MSCI and FTSE indices and resulted in passive fund outflows estimated at around $400 million.
Dual bet: SBI Mutual Fund also holds around 4% in Eternal, making it an investor in both of India’s listed food delivery and quick-commerce rivals.
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