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Five rounds with a strong low-level/system-design bar (a Shazam-like design) and in-person hiring-manager rounds.
Cloud / platform
Spark, Hadoop, Kafka; on-prem heavy
Reported difficulty
Not reported
5 rounds; R1 = 30 min SQL + 30 min other; coding + Linux + SQL; system/low-level design (microservices vs monolith, DB/caching/SPOF, design patterns; Shazam-like hashing+sliding-window); R4/R5 HM in Bengaluru.
Answered questions on what PhonePe actually asks — each with the short answer, the answer that gets you rejected, and the follow-up.
Then build one and have it reviewed: design a daily orders pipeline or model a marketplace. No account.