I think the current situation of India is similar and can be compared to the DotCom bubble of '90s (in US). In Bengaluru it is said that, in almost every home you will find one CEO of a startup.
I might be wrong but just thinking out loud.
For example:
PhonePe app - It's just a payment transfer app by Flipkart (although it is much better than GPay, in terms of usage speed) - its current valuation is around 7-8B+ USD. I don't get the much reason. There are no intermediary charges as PhonePe uses UPI Payment Interface (https://www.npci.org.in/product-overview/upi-product-overvie...)
I might be wrong but just thinking out loud.
For example: PhonePe app - It's just a payment transfer app by Flipkart (although it is much better than GPay, in terms of usage speed) - its current valuation is around 7-8B+ USD. I don't get the much reason. There are no intermediary charges as PhonePe uses UPI Payment Interface (https://www.npci.org.in/product-overview/upi-product-overvie...)