Full story and sources: https://productgrowth.in/news/2026-09-12

NPCI revenue up 22% to Rs 4,240 Cr in FY26, profit down 32% — the rails are getting more expensive to run. 🎙️

Infrastructure cost matters more than topline growth. Everyone is celebrating UPI's volume milestones, but the operator of those rails is compressing on margin as scale rises. When MDR on UPI eventually arrives, it will not just reprice transactions — it will force every bank and fintech sitting on these rails to rebuild their unit economics from scratch.

If your fintech product prices on the assumption that UPI remains free forever, you are not building a business — you are building a dependency. Reprice your cost model now, before MDR terms are set for you.

Today's brief also covers RentoMojo's 72.88X IPO oversubscription, Anthropic's Chinese proxy network report, Swiggy's 96% data pipeline latency cut, and California's under-16 social media law.

Listen: https://productgrowth.in/news/2026-09-12/

#IndianFintech #UPIEconomics #ProductGrowth

Arjun and Meera break down the day in Indian product, startups and tech — what happened, the number that matters, and why it matters if you’re building here.

Listen in 21 languages at productgrowth.in/podcast