When we think of competition in fintech, the eye usually falls on the likes of Paytm, PhonePe, CRED and the likes which dominate consumer payments and UPI. But there’s another intense rivalry brewing in the online merchant payments space, with Razorpay firing a new shot in the battle this week.

Razorpay’s majority stake acquisition in UPI payments app POP adds a new dimension to the competition in the payments aggregator space after the split in the market over payments orchestration earlier in the year.

Let’s unpack what POP brings to Razorpay’s table and whether it can deliver the edge that the Bengaluru-based unicorn is seeking. But first, a look at the top stories from our newsroom this week:

• Matter Of Minutes: Ecommerce major Flipkart takes a cautious bet on its quick commerce venture Minutes to save its revenues and stay relevant. Will this pay off with Dunzo founder Kabeer Biswas leading operations?
• Nykaa Fashion Faux Pas: While Nykaa’s beauty and personal care vertical continues to thrive with strong revenue and GMV growth, its fashion segment has underperformed. Can the listed giant revamp its wardrobe?
• Otipy’s Collapse: Despite raising significant capital, Otipy struggled to sustain operational efficiency and financial viability due to the capital-intensive last-mile delivery model, wafer-thin margins on fresh produce. Here’s how it went bust

Razorpay Gets Its Pieces In Place

It’s been a busy few months for Razorpay. The company completed the reverse flip, merging its US-registered parent entity with its Indian entity and merged its subsidiaries to consolidate operations in the country.

The company is likely to pay approximately INR 1,245 Cr (around $150 Mn) in taxes to the Indian government as part of its reverse flip to the country, as Inc42 reported in May. Razorpay is also targeting an initial public offering (IPO) in the next two years. The fintech unicorn was valued at $7.2 Bn when it last raised funding of $375 Mn in 2021.

Founded by Harshil Mathur and Shashank Kumar, the Peak XV-backed company has also converted into a public company. The startup has raised over $740 Mn and counts the likes of GIC, Tiger Global,and Lightspeed Ventures among its investors.

In a bid to save on some of the tax outlay, Razorpay’s US-registered parent entity decided to bring its six India units under a single local holding company, Razorpay Software India, as part of its restructuring exercise.

Over the past five years — particularly........

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