Chirag Jain

Big milestone for Xflow! 🎉 We’ve received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border-Exports & Imports (PA-CB-E&I). In the world of payments, core licensing matters deeply, it’s not just a regulatory checkbox, it’s a marker of trust. Being authorized by the RBI means that we’re building with the right foundations, the right intent, and a long-term mindset. This moment has been a giant team effort, across legal, partnerships, risk, compliance, ops, engineering and more, and we wouldn’t have made it here without the unwavering support of our partners, advisors, and early believers. We’re excited about what this unlocks as we continue building modern cross-border payments infrastructure for Indian businesses, simple, compliant, and global by design. Let's make global money movement smarter. PS: We got covered in the news, I've included a link to the article in the comments section. #Payments #RBI #Fintech #CrossBorder #Compliance #License

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At P-TAL, our own D2C website contributes to over 65% of the total sales we do in India. Hence, it becomes the key driver of our overall business, not just in communicating about our value proposition and being close to our customers, but also in generating most revenues for us. We keep experimenting with a few changes every now and then to identify some of the best practices as we build our own playbook of selling premium quality home and kitchen products in traditional metals on online platforms: 1. Since the channel is D2C, we feel the journey doesn’t end after an order is delivered to the customer but actually starts from there. We have started customer feedback calling since a few months, and the results have been phenomenal. The calls have resulted in learning about some great insights and have also resulted in an increase in the number of customers putting reviews and feedbacks for our products on the website. Positive genuine feedbacks work better than any sort of paid advertising and work greatly in improving conversion rates. 2. ⁠Dimensions and weight play a big role in our category. Hence, communicating them upfront and providing as much detail around them as possible becomes the key. We noticed a 25%+ uptick in conversions on a few of our products the moment we worked on highlighting the dimensions and weight better! 3. ⁠A lot of times, when you’ve done all the above and customers reach the checkout after being convinced about the products, a lot of them still end up not making the final purchase due to payment failures, transaction issues, etc. We started working with Cashfree Payments and made them our primary gateway for accepting UPI payments on the website and noticed higher success rates and an increase of prepaid orders also (since people used to opt for COD due to payment failures earlier). There was a significant reduction in cart abandonment rates also, helping us realise a lot of additional revenue which we were missing out on earlier. Due to their team’s efforts, we also got highly discounted transaction rates. At P-TAL (Punjabi Thathera Art Legacy), we have always been highly vocal and supportive about the partners we work with across various functions; after all, it actually takes more than a village to build a brand and business. As the number of consumer brands are increasing, it’s heartening to see a lot of enablers also being born out of India to help us brands sell better and reach more and more consumers.

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🚨 Breaking: IRCTC is now a fintech. RBI just gave IRCTC iPay the green light to be a Payment Aggregator. Yes — the same IRCTC that made us refresh 17 times to book a tatkal ticket… will now compete with PayU, Razorpay. But with Indian Railways vibes. 🚂💳 Why the move? Because payments = money. Why RBI said yes: 1️⃣ Built-in traffic – 66M+ registered users. Millions of transactions daily. Zero customer acquisition struggle. 2️⃣ Nationwide reach – Metro to Tier-4 towns. IRCTC’s footprint is unmatched. 3️⃣ Govt-backed trust – In a world where fintech licenses get yanked, PSU stability is RBI’s comfort blanket. 4️⃣ Fits India’s playbook – RuPay, UPI, ONDC… and now IRCTC Payments. All “Made in India”, all on homegrown rails. From tickets → catering → tourism → now fintech… IRCTC isn’t just moving people. It’s moving money. If they pull this off, IRCTC could own one of the largest captive transaction ecosystems in India. Would you trust IRCTC with your payments… given its loading screen history? #IRCTC #Fintech #RBI #DigitalPayments #UPI #India #DecodeFintechWithPoojaKanodia

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Weaver Services raises $170 million from Lightspeed, Premji Invest and Gaja Capital Housing finance platform Weaver Services has raised $170 million (around Rs 1,450 crore) in a round led by Lightspeed and Premji Invest with participation from Gaja Capital, as it looks to tap into the growing demand for the affordable housing segment with a focus on self-employed individuals. Moneycontrol was first to report about Lightspeed and Premji Invest leading Weaver Services' large-ticket fundraise, exceeding $140 million, on July 28. The investment will accelerate Weaver's asset acquisition, fund technology development, and expand reach across tier-2 and tier-3 cities where the affordable housing gap, as per the company, is the most acute. The company, which has already acquired Capital India Housing Finance for Rs 267 crore, will acquire more companies as it looks to scale its loan book and capture a larger share of the market. “We aim to make housing finance more accessible to the people of India by leveraging technology and placing customers at the centre of our focus thereby bringing in a new paradigm in the space,” said Satrajit Bhattacharya, Founder and Vice Chairman of Weaver Services.Satrajit Bhattacharya Bhattacharya is an industry veteran with three decades of experience at HDFC Ltd. As part of his relationship with the bank, its former chief Keki Mistry also has invested some money in the company, Moneycontrol had reported earlier. by Tushar Goenka https://lnkd.in/g-X4d644

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📊 Decoding Indian Fintech Funding, Multiples & IPOs: Part 3 📊 ❗There's been movement in Indian fintech funding. Raises & upcoming IPO multiples are all < 10x rev x ✅ Easebuzz (PA) raised ~$30M at $200M valuation in Series A led by Bessemer in Apr'25. Their gross rev is ~INR 650 Cr (~$77M). Net rev ~$35M. So at a (net) rev multiple, this is a ~5.7x. Gross revenue multiple is lower at 2.59x. Profitable ✅ Cashfree (PA) closed a ~$53M round in Feb '25 at a ~$700M val. In FY24 revenues were INR 642 Cr (~$76M). The revenues mentioned were stated "from operations" so I'm going to assume this means net revenue. So the (net) rev multiple here is 9.21x ✅ Juspay (Infra) closed ~$60M Series D in Apr '25. FY24 rev = $40M. Valuation not disclosed but target was $1B. But this was before major PA's pulled away from their orchestrator. Multiple could be 23 -25x. In '22 (last raised) they were at ~33x (Val: $440M, Rev: $13M) ✅ Kissht (Lending): Targeting IPO in '25 at ~$1B val. FY24 Rev: ~$202M. Rev x: ~5x. Last raised in '22 ($60M at ~$344M val). Profitable 🌐 For pvt Indian fintechs: 6x - 18 rev x seems to be ideal. (above multiples, global analogues (below) & scaled + pre-IPO (Ex: PhonePe & Groww) 👇 Snapshot 1️⃣ Pinelabs: Val ('24): $5.8B, Rev ('24): $160M, Rev x: 36x 2️⃣ Razorpay: Val ('22): $7.5B, Rev ('24): $305M, Rev x: 24.5x 3️⃣ PhonePe: Val ('23): $12B, Rev ('24): $756M, Rev x: 15.9x 4️⃣ Groww: Val ('21): $3B. In '25 reportedly raising $250M pre-IPO from GIC at ~$7B val, Rev ('24): ~$374M. Rev x: 8 - 18x 5️⃣ M2P: Val ('24): $800M, Rev ('24): $45M, Rev x: 17x 👉 Note: Multiples will correct as companies release FY25 numbers and probably be closer to ~15-20x. Also assuming reported revenues are net revenues. If gross then ideally the multiple should be lower 🌐 Indian public mkt equivalents are on the lower side. Paytm’s mkt cap / revenue: ~7x. Mobikwik is ~7.4x. But Paytm has been struggling since the pmts bank issue and Mobikwik is not a market leader as a PA / UPI App. So this is not a surprise 💡 International equivalents (PA) are: 10x - 25x 🌏 Stripe: FY25 val: $91.5B. In FY22: gross rev of $14.4B. This was ~1.7% of total pmt volume (TPV = $817B). If I do quick math + assumptions: in FY24 TPV was $1T. 1.7% of this is ~$17B (gross rev). Assuming net revenues are ~50% of gross (cashfree gross vs net is ~50%) this is ~$8.5B in net rev & ~10.76x in Rev x 🌏 Adyen: ~14x. Current mkt cap: ~$40B, and FY24 rev (Jan - Dec ‘24) of ~$2.8B. Before tariffs mkt crash, multiple was ~25x (Jan '25) 🌐 So 25x (international analogues) seems to be the upper limit with 8 - 18x being the sweet spot. If you have less mkt share then you should be closer to 8x. If more scaled + mkt leader in then closer to 17-18x ❗ Also because of the tariff mess & investor sentiment, Klarna has paused its IPO. Due to uncertainty it’s possible that upcoming IPO timelines in India also may get affected 🧠 To read the deep dive, check link in the comments

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The RBI has just released a new Master Direction for Payment Aggregators (Sept 15, 2025) – and it’s a big one for India’s digital payments ecosystem. Here are some of the key takeaways: ✅ Applies to both online, physical (POS), and cross-border PAs. (Payment Gateways still excluded as they don’t handle funds) ✅ Capital requirements raised – ₹15 Cr net worth to apply, ₹25 Cr within 3 years (for non-bank PAs) ✅ Stronger governance norms – fit & proper criteria for directors, RBI nod needed for ownership/control changes ✅ Consumer-first approach – transparent pricing, quick dispute resolution, refunds back to original payment method ✅ Cybersecurity gets serious – PCI-DSS compliance, fraud prevention frameworks, annual CERT-In audits ✅ For cross-border payments – separate inward/outward accounts, ₹25 lakh per transaction cap, strict FEMA compliance ✅ KYC/AML tightened – PAN & address verification, FIU-IND registration, ongoing monitoring of merchants ✅ Escrow accounts made stricter – mandatory settlement timelines, limited permitted debits/credits, interest allowed only on “core portion” ✅ Reporting obligations – monthly, quarterly, and annual filings made more robust ✅ Old guidelines (2020, 2021, 2023) now repealed – everything consolidated under this single Master Direction Why does this matter? Because it’s another step towards making India’s fintech ecosystem more secure, transparent, and globally aligned, while also pushing players to raise their compliance game. #RBI #Fintech #DigitalPayments #Compliance #PaymentAggregators #CircularsRBI

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The Reserve Bank of India has consolidated and updated regulations for Payment Aggregators. For those of us in the cross-border payments space, here is our understanding on the key takeaways for PACB (Payment Aggregator Cross Border): 1. Simpler entry – Existing licensed PAs can now start PACB operations by just intimating RBI 30 days in advance. No separate full-fledged approval process. 2. Clear transaction cap: Maximum ₹25 lakh per transaction for both inward and outward flows. Removes the earlier confusion of “per unit” vs “per transaction.” 3. Stricter fund handling: Mandatory Inward Collection Account (InCA) and Outward Collection Account (OCA) with complete separation of funds. No co-mingling or netting off allowed 4. FEMA compliance baked in: Settlement only via AD-I banks, documentation for EDPMS/IDPMS closure with cross-border tagging for all transactions. 5. Merchant onboarding & due diligence – Full KYC compliance, monitoring of merchant activity, and transaction-level transparency. Any other points that i have missed out on? And for PAs exploring PACB activity, happy to connect / discuss. We are already working with two large banks enabling the same for them :)

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