Q4 2021 - Q3 2022 Fintech deals: Mega Deals (deal size in Rs mn)

The largest deal in the past year was in PhonePe where the holding company further pumped in money. Oxyzo although did get to its Series A at unicorn valuation, we do note that they also have a high number of loans against its name in recent quarters. Running fintech companies in India at scale is a costly affair anyway. Ezetap is an interesting case, where they had a mega deal in Dec 2021 (about Rs 225 mn from its Singapore Parent) and is now acquired within a year by a larger fish. We need to keep a watch on other consolidations that may happen in this sector.