The payment aggregator -- which took advantage of new government rules easing the reverse-flip process -- is estimated to have incurred around $400 million in tax outgo during the transition. A source aware of the details told The Head and Tale recently. https://theheadandtale.com/to-the-point/razorpay-completes-reverse-flip-tax-cost-may-be-as-high-as-400-million/