A partial retreat of the two anchor investors would complicate fundraising for SoftBank CEO Masayoshi Son.
It estimated that free payments would put 8% of banks' payment revenue at risk.
The association has 11 members including Anthem Asia, Daiwa PI Partners, Delta Capital, EMIA, Insitor Management, among others.
A prolonged shadow-banking crisis and hurdles in bankruptcy rules have left India holding the world’s worst bad-debt pile.
The payments platform is the new venture of Shailaz Nag, the co-founder of Citrus Pay, which was acquired by PayU in 2016 and rebranded PayU India.
EQT is seeking to leverage the established EQT Mid Market Asia business line to further expand and build a scaled platform in the entire Asia Pacific
The VC, which has invested in India, recently led a round in Chennai-based AI firm Uniphore Software Systems.
This fund would be slightly bigger than its second fund of $53 million in 2017 as its seed-stage cheque sizes have become larger.
Two of its existing shareholders, General Atlantic and Carlyle, will also infuse funds into the mortgage lender.
IPOs & Markets
The flat rejection indicates HKEX boss Charles Li is unlikely to win LSE board round with an improved offer.
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