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I read the IRNSS needs four satellites in place to be functional. Now that the third one is up there, the fourth will follow soon. I read it will be placed on orbit this year itself which would mean before or after GSLV-Mk3.

The fourth orbit raising manoeuvre of IRNSS-1C completed.

Yes congrats ISRO and all of India.. IRNSS-1C injected into precise orbit in a textbook launch and ejection.

Live launch webcast on Indian Space Research Organisation:Webcast

PSLV-C26 launch countdown with IRNSS-1C aboard continuing smoothly. Expecting another textbook launch of the ISRO workhorse PSLV and smooth deployment of India's third 'GPS' satellite. Keeping my fingers crossed neverthelss. Hope Hudhud did not peck at the launch towers on its way!!

Countdown for launch of third satellite of IRNSS series on PSLV C26 begins at Sriharikotta. Wish ISRO all the best. Welcome To Indian Space Research Organisation - PSLV - C26 / IRNSS-1C Mission

Yes but only much lighter satellites.

launch successful. satellite ejected precisely.

Orbit raising manoeuvers completed with fifth Apogee Motor Firing (AMF) on July 06, 2013 at 16:57 hrs (IST) and performance is normal. Satellite is in Geo-Synchronous Orbit (GSO) with 27 deg inclination at 44 deg E longitude. Present orbital parameters are : apogee 35870 km, perigee 35484 km...

Is there is a difference between IRNSS and GPS satellites in capabilities, payload, orbit, other than coverage?

The strategic element of these launches is so very important. Hope everything goes on schedule.