teardown
Razorpay's NPCI Strategy: How a FinTech Became the Payment Rail
Razorpay didn't build a payment processor—it built the infrastructure that Indian fintechs depend on. Why this substrate bet became a $7.5B company.
The Story
[This is an AI-generated draft. Please review and add your operator take in the CMS.]
Context
Both companies made substrate bets instead of feature bets. They won because they owned infrastructure that competitors couldn't replicate.
The Question
What specific substrate did each company own that competitors couldn't?
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