What Razorpay's reverse-flip actually cost, and what it bought

Razorpay became the largest Indian fintech to complete a reverse-flip this week. The headline number is the tax outlay. The interesting numbers are buried in the ESOP refresh that ran alongside the move.

Inside the fintech sector, four more companies are mid-flip. Founders we spoke to describe the Razorpay process as the new template, including the parts they would do differently.