Groww CEO Lalit Keshre predicts deeptech will drive India's next investment wave, moving beyond the fintech focus of the past decade. He also defended the new 0.4% processing fee on UPI transactions above ₹2,000, calling it essential for the long-term sustainability of the payment industry.
Lalit Keshre, CEO of the financial platform Groww, has shared his outlook on the future of India's technology landscape, highlighting 'deeptech' as the sector likely to lead the next cycle of domestic innovation. Keshre, who launched the platform in 2016, suggests that the infrastructure required to scale complex engineering firms in India is finally maturing. While much of the recent past was dominated by fintech and consumer-facing applications, he believes the current pipeline of smaller, foundational technology companies shows a level of technical progress that was not visible in previous years.
Alongside his technology outlook, Keshre commented on the introduction of a 0.4% Merchant Discount Rate (MDR) on specific UPI transactions exceeding ₹2,000, which came into effect on October 15. The fee is a processing charge applied when money is moved through the digital payment network. Keshre described this move as a necessary step for the sustainable growth of the broader payment ecosystem. He noted that about 96% of transactions remain free of such charges, with the new policy mainly aimed at distributing revenue more effectively among the banks and payment providers that maintain the infrastructure.
From a corporate perspective, Groww has moved into a new phase following its public listing in November 2025, which raised ₹6,632.3 crore. The company reported a base of 23.5 million transacting users as of September 2026. Keshre emphasized that the firm is now prioritizing a customer-centric operational strategy over a hyper-growth model. He observed that Indian retail investors are becoming more sophisticated, showing a clearer focus on long-term wealth accumulation rather than being distracted by short-term stock price movements.
For investors, this shift highlights the changing maturity of the Indian digital finance sector. As companies like Groww transition from high-growth private startups to publicly listed entities, the focus shifts toward showing sustainable unit economics—a factor that explains the industry's support for revised payment fee structures. The company’s long-term success will likely depend on how well it manages this balance between scaling its user base and maintaining profitability in an evolving regulatory environment. Market participants will monitor the company's future quarterly results to see how these operational changes and the new payment revenue sharing impact its margins and overall growth trajectory.