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Its core POS machine business is small and growing slowly, and the company has done little else to justify its high valuation.


While the payments company saw its first full year of profitability in FY26, the real progress will depend on whether it can continue to prove that it’s more than a POS company.
As growth in equities cools, asset managers are looking to embed themselves in payrolls, payments, and credit. This raises their influence, but also the stakes.
High returns, RBI-regulated comfort, and easy withdrawals drew investors in. Now, with repayments drying up, the fintech platform, its NBFC partner, and the regulator are pointing fingers—leaving customers to chase their own money.