With scrutiny that comes with a public listing, Deepinder Goyal's leadership could face its sternest test yet.

According to industry insiders, India has 400 million smartphones and is the world's fastest-growing app market. So the addition or deletion of apps impacts the global valuations of these platforms. "Based on calls given by various local organisations to delete Chinese Apps, there will be an impact," said Blaise Fernandes, director at foreign policy think tank Gateway House. "All of them eventually will go the IPO (initial public offering) route so there would be economic impact also."

After a gruelling 24 hours, the PhonePe team has fully restored UPI on the payment platform. The app is up and running again with ICICI Bank as its new partner with all payment instruments enabled.