Razorpay, an online payments company valued at $7.5 billion, is refocusing its strategy on omnichannel solutions for merchants, moving away from aggressive expansion in the offline payments sector due to sluggish growth. After acquiring Ezetap in 2022, Razorpay's offline gross merchandise value (GMV) remains low, with its 600,000 point-of-sale (PoS) terminals processing between $10 billion and $15 billion annually. This revenue from the PoS segment represents only 6% of its total revenue. As Razorpay prepares for a potential initial public offering (IPO), targeting a valuation of around $5 billion, it aims to create a more sustainable business model centered on its core online payments services. The company is navigating a challenging environment for offline payment solutions, which require significant investment in merchant acquisition and servicing. Competitors like Pine Labs and Billdesk are also exploring omnichannel strategies, with Pine Labs boasting a larger PoS base of 1.9 million terminals and significant growth in its online operations.