Neutral impactSector

UPI MDR could add $2-3 billion to PhonePe valuation, up to $1 billion to Razorpay: Analysts

Economic Times 2 hrs ago·1 Oct 2026, 7:31 am

PhonePe could get $2.2-3 billion of incremental valuation support and Razorpay $400 million-$1 billion, as MDR converts UPI scale into recurring revenue and EBITDA, analysts estimate.

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Summary & analysis by DocStoX. Full story at Economic Times.

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