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PhonePe won the checkout. Now comes the harder sale.
Hundreds of millions of Indians know PhonePe as a way to pay. Its next business is selling what surrounds the payment: merchant tools, financial products and a sharper picture of where India spends.
Raj Jain Built the Rails Beneath India’s Payment Revolution
He left a software job in Los Angeles for Kolkata in 1987. The company he founded went on to help engineer UPI, bill payments and fraud systems used at national scale - and now he is trying to make those rails travel.
How Razorpay Turned the 'Payment Failed' Screen Into a $7.5 Billion Business
It began because two engineers couldn't collect money online for a side project. A decade later Razorpay moves an estimated $180 billion a year for millions of Indian businesses - and is walking toward the public markets.
Mochatrade
Mochatrade is a New York-based neo-brokerage that lets Indian traders trade perpetual futures on 50+ US stocks (NVDA, TSLA, AAPL), pre-IPO names, indices, commodities and crypto with up to 50x leverage. Users fund in Indian Rupees via UPI, trade on a familiar terminal-style app running on Hyperliquid's onchain infrastructure with non-custodial wallets, and withdraw back to their bank accounts - no US brokerage account or foreign remittance required. Founded in 2026 by three IIT graduates and backed by Y Combinator (Spring 2026 batch) and Pioneer Fund.
RS Software
RS Software is a payments-focused technology company headquartered in Kolkata, India, with a US office in Milpitas, California. Founded by Raj Jain, the firm has spent more than three decades building payment infrastructure for banks, processors, networks and central institutions. It is the team that engineered core pieces of India's public payments stack, including the Unified Payments Interface (UPI) and the Bharat Bill Payment System (BBPS) for NPCI, and today offers a suite of cloud-native, API-led products for real-time payments, bill payments, switching, fraud and risk under a Payment Platform as a Service model.