$82K annualized gross profit against a $15.5M FDV is a 182x multiple — you can frame retention and NRR however you want, but daily active wallets have been flat for six months and 78% of volume is concentrated in India alone. "Zero-CAC" works when your product spreads through existing UPI/PIX rails in one market; it doesn't survive expanding to 20+ countries where you need local operator networks and compliance infrastructure that costs real money ($175K/mo burn on a 25-person team already). The B2B SDK play launching in June is the actual make-or-break catalyst — if embedded distribution through third-party wallets can reignite user growth without blowing up the cost structure, the onchain fundamentals start to justify the price, but right now you're paying growth-stage multiples for a product still proving unit economics at scale.

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