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It should be started always from core feature which can become MVP for your startup. Like to replicate Paytm, either you can start with core object which is UPI or if you directly can't build a UPI chain & transaction, go with MVP, like a platform to calculate expenses and all and a dashboard of expense/savings/inv and all

Start with a solid MVP and don’t try to compete head-to-head with giants like Paytm initially. Focus on your niche. Could you improve security? Add some innovative features or streamline the UX? Once you have something unique that users care about, you can scale.

Copying a business model involves replicating the strategies and structures of an existing successful company. While this approach can offer a proven framework, it often lacks the innovation and differentiation necessary for long-term success. Simply copying may lead to missed opportunities for unique value creation and can result in legal challenges if intellectual property rights are infringed upon. Therefore, it's crucial to adapt and innovate upon existing models to align with your unique market context and customer needs.

Research, research, research

First understand the core problem. Paytm didn’t start with 'we’ll be a payment platform' na they simply identified a gap and built a solution around that.

Instead of trying to build another Paytm clone, start by focusing on a specific pain point in payments that Paytm isn’t solving well. Razorpay and Cashfree didn’t try to become another Paytm—they focused on payment gateways for businesses and scaled from there. BharatPe targeted merchants directly. Find your niche first before you think about taking on giants.

If you’re serious about this, your first move should be understanding the tech behind payments. UPI, wallets, banking APIs—how do they work? Get deep into NPCI documentation, understand how partnerships with banks work, and then start building a basic prototype. If your tech stack isn't solid, everything else is just a dream.

Unlike other startups where you can bootstrap and start small, fintech requires serious partnerships. You’ll need banking partners, compliance teams, and a dedicated fraud-prevention strategy. Payment companies operate in a high-risk environment with constant threats of fraud, chargebacks, and compliance violations. If you don’t have a strong team, don’t even bother.

learn from their mistakes, don't copy everything