RBI guidelines regarding lending has started hitting hard on fintechs. Phonepe was about to pivot its business model to lending to turn profitable.

They're still developing it. It's a good thing for consumers and businesses as now there is more clarity on what is expected .

These new age companies are priced to perfection. Even minor blimps will have massive impact on shareholder confidence. Expect to see this across all startups going for IPOs at losses and muted revenue growth

That's not completely right. PhonePe was never going to lend on its balance sheet. It was to only act as a platform/distributor for the loans.