Akshat Gupta

Razorpay enters consumer UPI space, leads $30 million investment in payments platform POP Fintech unicorn Razorpay has invested around $30 million in consumer payments platform POP, marking a strategic push to tap into India's rapidly expanding consumer UPI market. The new funding will be used to strengthen POP's product offerings, expand its merchant partnerships in the direct-to-consumer (D2C) and lifestyle categories, and enhance consumer rewards through its POPcoins program. Bhargav Errangi https://lnkd.in/gS4kydrt

192

2 Comments

We’ve largely solved payments infrastructure in India. Ecommerce execution, however, still feels fragmented and unreliable in comparison. I’ve spent years watching infrastructure succeed where product innovation alone couldn’t. The pattern is consistent: fragmentation creates friction, standardisation creates scale. India’s ecommerce today feels a lot like digital payments did before UPI. A friend recently launched a brand and asked me, “Which payment gateway should I use?” That question made something clear. Payments aren’t the real problem. They’re just one step. Commerce breaks in everything that comes after. Selling direct today means juggling storefronts, logistics dashboards, payment systems, courier tools, tracking links, returns workflows, and manual customer communication. Seven dashboards. Constant re-entry. Systems that don’t talk. Each tool works on its own. The handoffs are what break. Demand exists. Execution collapses at scale. Marketplaces bundle everything but take margins and ownership. Direct commerce offers freedom, but turns founders into operations managers instead of brand builders. This is the exact problem UPI solved: fragmented systems, manual reconciliation, unpredictable outcomes. That’s when I started seeing Shiprocket as an infrastructure layer for ecommerce execution, similar in spirit to what UPI became for payments. The problem isn’t fully solved, but the shift from fragmented tools to shared execution rails has clearly begun. A single system where core ecommerce workflows connect automatically, without merchants stitching tools together. Integration happens behind the scenes, and intelligence increasingly guides decisions that were earlier driven by guesswork Over 4 lakh merchants now operate this way, selling directly without operational chaos. This is what infrastructure does. It makes the hard parts invisible so founders can focus on building brands, not managing dashboards. India didn’t scale payments by building more apps. It scaled by standardising execution. Ecommerce is finally starting to move in the same direction.

188

50 Comments

Eggoz Raises $20 Mn Series C Led By Gaja Capital; Claims to hit its EBITDA Breakeven In Q4 FY25, Revenue Up 76% YoY To INR 130 Cr FY25 https://lnkd.in/gd9j68rp Abhishek Negi Aditya Singh #Eggoz #funding #D2Cbrands #Agritech #EBITDAbreakeven #Revenuegrowth #Indianstartups #consumerbrands #GajaCapital

14

The Flipkart Beauty Trends Report 2025 powered by the Voice of Customer. Flipkart unveiled the first-ever Annual Beauty Trends Report at Glam Up Fest 2025 — an event attended by 100+ brands and 6000+ Influencers. This Gen Z-focused, data-powered report dives deep into the trends, behaviors, and shifts shaping India’s fast-evolving online beauty space — with insights that are as bold and transformative as the generation leading them. The report was officially launched by Tara Sutaria (Actor & Beauty Enthusiast) and Varun Alagh (Co-founder, Mamaearth), alongside Priyanka Bhargav (Senior Director, InsightsOne) and Manjari Singhal (Vice President, FMCG & General Merchandise, Flipkart). Here’s a quick glow-up of what’s inside: India’s online beauty market is growing at 40% YoY Flipkart clocks over 300 beauty orders every minute Gen Z’s BPC GMV is 1.9x higher than other age groups Their annual online beauty spend has jumped from ₹3K to ₹4.5K It’s giving GLAM, It’s giving GLOW — These Gen Z trends are stealing the show: 1. kiSKIN – Keep it Simple, Keep it Natural “Glow easy, stay real” #LessIsMore and #SkinimalismTrend posts grew ~35% Instagram* Face wash sales up by ~123% and “Niacinamide” searches surged by ~70% on Flipkart** 2. Scientific Obsession “Ingredient game strong — that’s where we belong” 1.3x increase in #ketoconazole mentions on Instagram in India* Kojic acid searches up 1.7x; orders grew by 4.8x on Flipkart** 3. Hydration Daze “Quench it. Lock it. Glow with it.” #GelMoisturizer and #HydrationHack content up 38% in 2025 on Social Media** Orders for hyaluronic acid creams and gels up by 1.9x on Flipkart** 4. Hair Game Strong: From Oils to Actives “Roots, rituals, and results.” “Rice water for hair” searches rose 5x (2023–2025) on Google #HairOilRoutine and #NonGreasyOils content up 2.6x year-on-year on Social Media 5. Root Revival – The Rise of Scalp Care “Scrub. Soothe. Shine” Searches for “scalp detox” and “scalp microbiome” up ~30% on Flipkart** Search for scalp-focused products up 1.7x on Flipkart** 6. Scent-Sational – Where Mood Meets Memory. #SmellMaxxing “Spray it. Feel it. Relive it.” #SmellLikeYourCake #GourmandPerfume content at 12M+ views globally on SM. Searches for “attar” increased by 2.5x on Flipkart** 7. Cherry Cherry Lady “Pop your colour. Own your culture.” Lipstick searches grew by ~50% on Flipkart** #SurmaLook posts rose 45% on Instagram in 2025. 8. Sun – In & Stunning “Block rays, not vibes.” #SunscreenStick and #OnTheGoSPF hashtags up ~28% on Social Media SPF-related searches increased by ~76% on Flipkart** *-in 2025 vs 2024 ** - In Q1’25 vs Q1’24 amongst GenZ Kalyan Krishnamurthy Varun Alagh Manjari Singhal Sakait Chaudhary Ramesh Gururaja Aakriti Bhatia Kejal Gosar Ankur Sengupta Ambika Nichani Kartheek Kanumuru 6.6.25 #Flipkart #CustomerCentricity #BeautyTrends #GenZ #Consumer Research #Research&Insights Our report is yours now. Access the complete report here.

153

8 Comments

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

52

3 Comments

Natasha Malpani Launches ₹200 Crore Fund to Power India’s AI Startups Former Kae Capital partner Natasha Malpani has launched Boundless Ventures, an early-stage venture fund with a corpus of ₹200 crore, dedicated to supporting homegrown AI-native startups across India. The fund will focus on pre-seed and seed-stage investments in companies innovating across consumer AI, infrastructure, agent tooling, healthcare, logistics, deep tech, and make-in-India hardware. Boundless has already written its first cheques to startups including Superhealth, Armatrix, PierSight, Knot, and two stealth ventures in AI infrastructure and consumer AI. Beyond capital, the fund promises to bring narrative and network support to founders. As Malpani puts it, India today has a once-in-a-generation advantage talent density, digital rails, and ambition to build global AI leaders from day one. At Startup Veda, we’re thrilled to see local capital fueling the AI frontier. This fund signals rising maturity in India’s venture ecosystem—placing conviction behind AI-first founders well before the rest of the world catches on. Join the conversation: Which early-stage AI ventures excite you the most? How powerful is the mix of capital + storytelling for building AI startups? #Startup #AI #VentureCapital #DeepTech #StartupIndia #FounderStories

230

12 Comments

🚨Fintech regulations seem to be in for an overhaul. The Reserve Bank of India (RBI) has issued two major sets of guidelines this month – Master Direction for Payment Aggregators (PAs) and Guidelines for Authentication of Digital Payments. These will impact not just the digital payment companies but also marketplaces and aggregators that will need to make changes to their payment processes. Here’s the big picture: The first-ever consolidated Master Direction for PAs sets the rules of the game for online and offline payments, as well as cross-border flows. ⏩️ Stronger requirements on governance, transparency, and transaction monitoring ⏩️ Clear categories: Online (PA-O), Offline (PA-P), Cross-Border (PA-CB) ⏩️ Mandatory KYC and contracts for every merchant ⏩️ Simplified 4-step KYC available for small merchants (≤ ₹40 lakh domestic turnover or ≤ ₹5 lakh exports) ⏩️ Offline PAs - so far unregulated - must seek RBI authorization by Dec 31, 2025 ⏩️ Permission to use agents for digital/video KYC ⏩️ Tighter settlement: funds can be settled only with entities directly interfacing with customers, and only larger merchants get flexibility in choosing accounts ⏩️ Escrow rules updated: transfers now permitted between escrow accounts of PAs The second set of regulations released last week is on the Authentication of Digital Payments. Here’s the high-level summary: ➡️ RBI has nudged payment players to move beyond OTP as the only 2FA option. ➡️ Dynamic 2FA mandatory for payments where payment instruments and acceptance devices are not in close proximity. ➡️ Encourage advanced authentication methods like tokens and biometrics. ➡️ Push for open and interoperable systems. ➡️ New directions to take effect from April 1, 2026 Swipe to see the summary of both regulations. Our Knowledge Partner Ikigai Law has also prepared a detailed summary of both the regulations: You can read their detailed analysis on Master Directions https://lnkd.in/g59JhTp7 And on Authentication here https://lnkd.in/g-Yeh8TA Suvendu Pati | Astha Srivastava | Aparajita Srivastava | Avantika Gode | Shubhangi Poddar CRED | MobiKwik | Pine Labs | Groww | Razorpay | BharatPe | Fam | PayGlocal Harshil Mathur | Kunal Shah | Miten Sampat | Amrish Rau | Upasana Taku | Harsh Jain | Nalin Negi | Sumeet Singh | Shashvat Nakrani | Bipin Preet Singh | Sambhav Jain | Prachi Dharani | Shashank Kumar | Ashutosh Naik

107

8 Comments

RBI rewrote the rules for payment aggregators in India recently The new Master Direction consolidates years of fragmented guidelines into one comprehensive framework. This signals a fundamental shift from growth-at-all-costs to sustainable, secure scaling. Here are four critical implications: ✅ Capital requirements doubled – INR 15 crore minimum, scaling to INR 25 crore by year 3 ✅ Two-factor authentication mandatory for ALL transactions (goodbye SMS OTPs) ✅ Three-tier categorization – PA-O, PA-P, PA-CB with tailored compliance ✅ Enhanced consumer protection – full liability coverage for authentication failures This isn't just regulatory housekeeping. It's a signal that India's digital payments ecosystem has officially graduated from "move fast and break things" to "move smart and protect everyone." The strategic question for payment companies: Are you building for compliance or building compliance as a competitive differentiator? My breakdown of what this means for the various stakeholders in the ecosystem: https://lnkd.in/eRhENc8k What's your take – necessary evolution or growth barrier? #Fintech #RBI #PaymentAggregators #DigitalPayments #Compliance

50

If you've been having trouble paying your Zomato bills through Simpl lately, here's what happened: the RBI has ordered Simpl to stop all payment operations immediately. Unlike most major BNPL players who have NBFC licenses (either their own or partnering with one), Simpl was operating without one. Simpl positioned itself as a payment utility. A digital "khata" or dues ledger—rather than a traditional lender. RBI has simply interpreted it as if Simpl is running a payment systems with clearing and settlement functions then it should do so with a proper Certificate of Authorisation under the Payment and Settlement Systems Act. However, this time it wasn't a warning or a request to get licensed—it was an order to halt operations with immediate effect. This move reflects the RBI's broader push to eliminate regulatory grey areas in fintech. With the new Payment Aggregator Master Directions 2025, the message is clear: whether you're lending money or processing payments, proper licensing is non-negotiable. The regulatory landscape is tightening indeed, and compliance needs to be the foremost priority. #fintech #RBI

61

8 Comments

Agilitas x Virat Kohli partnership is one of the masterstroke deals I have seen in recent times. Virat invests 40 CR in Agilitas for a 1.94% stake, putting Agilitas’s valuation around 2000 CR. 📈 In turn, Agilitas acquires one8world, making Virat a co-founder and shareholder. They now get two very important growth levers: ⬇️ 1. A powerful manufacturing (via Mochiko Shoes - a 600 CR+ footwear brand that Agilitas acquired in 2008 ), 2. India’s biggest athlete — exclusively aligned. Easily becomes a 4000 CR revenue brand in the next 5 years. Footwear + retail scale requires capital — but this partnership compresses customer acquisition, product cycles, and brand-building like few others. Even Virat said in his podcast with Abhishek Ganguly, the co-founder of Agilitas that, “I didn’t want a brand deal… I wanted to build something that outlives me.” And Abhishek said something even beautiful - “An ambition to build from India but be globally relevant.” This isn’t marketing. This is legacy building with shared skin in the game. And that is how startups work - shared ambition with one goal (to make the company big) and food (read stake) in the table for everyone! A company that can be built in the long term with culture, capital, and conviction aligned. This might be the first time in India, where an athlete joins hands with a sport company to re-imagine and build the sport ecosystem of India - truly revolutionalising the game with a clear vision. 🙌

373

58 Comments

Zepto Raises $450 Million at $7 Billion Valuation Indian quick-commerce platform Zepto has secured a massive $450 million in a pre-IPO funding round, catapulting its valuation to $7 billion. This infusion of capital, led by the California Public Employees' Retirement System (CalPERS), significantly strengthens Zepto's position in the fiercely competitive Indian grocery delivery market as it gears up for a public listing. This funding round, with a leading US pension fund taking a direct stake, signals immense investor confidence in the long-term viability and profitability of the quick-commerce model in India. It also gives Zepto a substantial war chest to compete with rivals like Swiggy's Instamart and Zomato's Blinkit. The company has demonstrated impressive growth, scaling from 500,000 to 1.7 million daily orders while simultaneously increasing the profitability of its dark stores. This proves that rapid expansion and a clear path to profitability can be achieved in the quick-commerce sector, a key concern for investors. "This financing is a reflection of our team's execution to grow the business rapidly while consistently building operating leverage. We now have approximately $900 million of net cash in the bank and are more than well-capitalised for the future,” said Aadit Palicha, CEO and Co-Founder of Zepto.   This pre-IPO funding round not only prepares Zepto for a successful public offering but also intensifies the battle for market share in India's booming quick-commerce industry. Expect to see accelerated expansion and innovation as the major players vie for dominance. What are your thoughts on the future of quick-commerce in India? Stay ahead with the latest in food delivery news from the weekly Boolanga Bites newsletter, brought to you by Boolanga. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

98

2 Comments

How to add ease into B2B Payments. Business Payments are much different than P2P Payments. They have their own life-cycle which has multiple steps : 1) Purchase Order 2) Invoice 3) Debit Note or Credit Note 4) Payments Typically business uses a Min-ERP system to process the business payments workflow and there are many ERP Systems which are really good at this workflow and are also economically very cost-efficient. For example Zoho/Happay/Paymate are some of the mini-erp/benefit systems/card payment systems which have embedded this workflow of PO->Invoice-DN/CR->Payment very well into their systems. They have also standardized it very well and it becomes a smooth operation , when the buyer and the seller is on the same platform like Zoho/Happay/Paymate. However, when it comes across platforms, this systems were not that efficient since there were differences in the individual formats of PO/Invoice across this platforms. That is where Bharat Connect B2B Platform comes in, it : 1) Standardizes the format for the PO/Invoice/Debit-Note/Credit-Note 2) It provides a standard interface to transport this workflow across cross-platforms in a trusted and secured infrastructure, backed by world class security 3) Similar to the UPI Platform , which provides the vpa id for each customer for identification, the Bharat Connect B2B Platform provides a B2BID for each business. This makes further transactions very smooth and does not require the partners to request information from each other for each transaction. 4)The solution is deployed as an API over the internet ( no leased line connection). Any Bank/Neobank/Co-Operative Bank/Fintech who are meeting the onboarding guidelines would be able to begin the onboarding process which is very simple and it is possible to go-live within a very short period. 5) Onboarding process is very simple. Visit the below link https://lnkd.in/dZpqRtag And express your interest to join the platform as a TSP/Platform Partner (AI/OU) Our RM will get in touch with you. Attend a initial discussion meeting to understand how the partnership will proceed. Submit the onboarding documents. Begin Technical Integration [1 Week] Complete Certification Test Cases[ 2 Weeks to 3 Months] Go-Live in Production. In case you are a Bank, Fintech, B2B ERP System, B2B Payment System and need more information, do reach out to us. The author is part of NPCI Bharat Connect Team as a Incharge Transformation Technology and drives the Technology Delivery for the B2B Platform. https://lnkd.in/dDDtATpQ

29

📌 Key Takeaway: DMart bets on large-format, value-driven stores in select cities. Reliance Retail plays the scale game, with deep penetration across India and diversification into digital + fashion. Both are shaping how India shops — but with very different playbooks. Which strategy do you think wins in the long run: Focus & Efficiency (DMart) or Scale & Diversification (Reliance Retail)? #Retail #Reliance #DMart #IndiaRetail #ConsumerTrends #BusinessStrategy #Investing

32

6 Comments

RBI's Digital Lending Directions 2025, released on May 8, 2025, set a new benchmark for transparency and borrower protection in India's digital lending ecosystem. Here are the key changes and their impact as I see: 1️⃣ Regulated Entity (RE)–Lending Service Provider (LSP) Arrangements with Multiple Lenders (Para 6 | Effective Nov 1, 2025) 𝗖𝗵𝗮𝗻𝗴𝗲: LSPs must display a digital view of all loan offers from multiple REs, including unmatched lenders’ names, with details like APR, loan amount, and KFS links. 𝗜𝗺𝗽𝗮𝗰𝘁: Enhances borrower choice and transparency but increases product development/operations and compliance costs on LSPs in the near term. 2️⃣ Reporting Digital Lending Applications (DLA) to RBI (Para 17 | Effective Jun 15, 2025) 𝗖𝗵𝗮𝗻𝗴𝗲: REs must report all DLAs (own or LSP-operated) on RBI’s CIMS portal, certified by the Chief Compliance Officer, with updates for new/ceased DLAs. 𝗜𝗺𝗽𝗮𝗰𝘁: Creates a public DLA directory, boosting transparency but adding reporting obligations. Missteps in certification could lead to regulatory scrutiny, urging REs to strengthen compliance frameworks. 3️⃣ Enhanced Due Diligence for LSPs (Para 5) 𝗖𝗵𝗮𝗻𝗴𝗲: REs must conduct thorough due diligence on LSPs’ technical capabilities, data privacy, and regulatory compliance before agreements. 𝗜𝗺𝗽𝗮𝗰𝘁: This strengthens risk management, and only serious LSPs will likely prevail, thereby making this a customer-centric and responsible market. 4️⃣ Data Storage in India (Para 13) 𝗖𝗵𝗮𝗻𝗴𝗲: All data must be stored in India; overseas processing data must return within 24 hours. 𝗜𝗺𝗽𝗮𝗰𝘁: Ensures data sovereignty but increases infrastructure costs for REs/LSPs with global operations. 5️⃣ DLG Cap and Structure (Paras 23, 21) 𝗖𝗵𝗮𝗻𝗴𝗲: DLG continues to be capped at 5% of disbursed portfolio; contracts must specify cover extent, form, and invocation timeline. 𝗜𝗺𝗽𝗮𝗰𝘁: Limits REs’ risk exposure and will deter smaller LSPs from offering DLG, which may be seen as dissuading smaller fintech companies, especially those where capital and portfolio risk management capabilities are not mature. 6️⃣ Disclosure of Recovery Agents (Para 8) 𝗖𝗵𝗮𝗻𝗴𝗲: REs must notify borrowers of recovery agent details via email/SMS before contact. 𝗜𝗺𝗽𝗮𝗰𝘁: Enhances borrower safety but requires RE–LSP to streamline communication systems for compliance. These changes signal RBI’s push for a safer, more transparent digital lending landscape that balances innovation with consumer protection. REs and LSPs must act swiftly to align by November 2025 and June 2025 deadlines. #DigitalLending #RBI #Fintech #Banking #NBFC

50

3 Comments

🔁 When Lending Fails the Borrower: A Personal Reflection on Consumer Duty - Why it is critical for lending product strategy in India. A callout to strategists, leaders, and bureaucrats : Recently, I visited my hometown. As always, it was a time to reconnect—with my people, my roots, and stories that don’t make the headlines. One such story hit me hard. A close friend opened up about his growing financial distress. A few years ago, banks and lenders approached him, praising his “strong credit score” and offering quick loans with minimal paperwork. Like many would, he accepted. The money came easily—and went just as easily. Soon, EMIs became a struggle. He turned to informal lenders charging high interest just to stay afloat. And that’s when the spiral began. Today, he is caught in a debt cycle—paying interest that exceeds his earnings, with no real way out. 💡 What struck me most is this: In my professional world, we talk daily about Consumer Duty, responsible lending, and affordability checks. Regulations mandate that we assess whether a person can truly afford to borrow. There are protections, advice services, complaint channels, and aftercare for those who fall into difficulty. But outside structured systems, lending can still feel like a transaction—fast approvals, no affordability checks, no financial guidance, no ongoing support. In such cases, credit stops being empowering—and starts becoming exploitative. This isn’t about one person. It’s a systemic issue in developing countries: ✅ Lack of financial literacy ✅ Easy access to unsecured credit ✅ No ecosystem for debt advice or recovery support ✅ And little to no accountability in post-lending care 📊 For context: In some rural areas, reports show a suicide every few hours due to debt-related distress, with indebtedness driving over 70% of such tragedies. (Source: TISS, Dow To Earth, Hindustan Times) 💬 Why am I sharing this? Because lending is not just about disbursing funds. It’s about responsibility, empathy, and outcomes. If we truly want to build inclusive financial systems in India, consumer duty must be the foundation, not just a buzzword. We need systems that ask the tough questions before lending, and extend a hand after lending—when it matters most. We need to update the foundational principles of the Indian banking system to make them futuristic, inclusive. Let’s not allow access to credit to become a silent trap. 📣 Would love to hear from fellow professionals across banking, fintech, policy and design: → How can we strengthen the duty of care in lending in the Indian Financial System? → What models have worked across the world? → Where does the responsibility begin—and who holds it? #ConsumerDuty #Banking #Lending #DebtAwareness #Fintech #ProductLeadership #FinancialWellbeing #HumanFirstFinance #ResponsibleLending #Development #vistion2047

21