A moment of reflection for startup founders

If there's one lesson fintech stars can draw from Paytm's regulatory challenges, it's not to take their stardom for granted

Ever since the regulator issued the latest directive to Paytm Payments Bank on January 31, commentators and self-styled experts have had one thing to declare: This is the end of the road for the company. However, nobody has quite made it clear whether it would be the end of the road for the entire Paytm universe and the brand that has been the face of Indian fintech for years, especially after the government’s demonetisation move in November 2016.

Surely, Paytm’s rivals have acted swiftly to fill the gap that the Vijay Shekhar Sharma-run business may leave after the Reserve Bank of