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The fintech’s financial services business has done reasonably well in Q4 FY26. But upping its lending game without the NBFC tag will be a tall task.

The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
Its lending business is doing the heavy lifting while payments and asset management lag, raising questions over its full-stack narrative.
The company’s IPO plans come amid weak numbers, slow growth of new platforms, challenges in its core payments business and a rather dull stock market.