On September 15, the National Payments Corporation of India announced the Merchant Discount Rate (MDR) Framework. Most people might think that 0.4% looks like nothing more than a rounding error. Even better, for most people, the MDR won’t even apply sinceonly about 4% of UPI payments to merchants exceed ₹2,0001. Applicable transactions however make up about 66% of UPI’s transaction value2. That is why even a small percentage matters. The fee may not seem like much, but estimates put annual...

You've probably seen the headline numbers with Hyundai Motor India listed at a valuation of roughly $19 billion, the largest IPO in Indian history. Swiggy followed soon after at around $11.3 billion. When it comes to public perception, it’s quite simple: “Bigger number = better company!” So, if a company fails to achieve the high valuation it wanted, it’s likely in trouble, right? Well, not really. Valuation is technically just simple math, where you take the price of one share and multiply...