Foreign influence has become one of the defining governance challenges of the digital age. Across democracies, governments are increasingly concerned about the ability of foreign actors to shape public discourse through funding of media organizations, think tanks, advocacy groups, research institutions and digital platforms. India is no exception. As cross-border capital flows become more sophisticated, concerns about opaque funding structures, hidden beneficial ownership and

Between Narrative and Numbers Razorpay has, over the past decade, positioned itself as one of India’s most successful fintech platforms—riding the wave of digital payments, SME enablement, and API-led financial infrastructure. With investors including marquee global funds and a last reported valuation in the ~$7–8 billion range (2021–22), expectations around its eventual IPO valuation have steadily crept into the $10–15 billion territory in market conversations. At face value