{"id":9968,"date":"2022-11-18T19:42:40","date_gmt":"2022-11-18T14:12:40","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=9968"},"modified":"2025-03-04T19:35:10","modified_gmt":"2025-03-04T14:05:10","slug":"financial-modeling-for-startups","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/financial-modeling-for-startups\/","title":{"rendered":"Financial Modeling for Businesses: The Ultimate Guide"},"content":{"rendered":"<p>A financial model is an excel spreadsheet that projects and forecasts a business&#8217;s performance into the future. It takes into account past performances, expenses, and revenue assumptions.<\/p>\n<p>Having a financial model helps business stakeholders make well-informed decisions.<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Bankers, credit analysts, accountants, valuation advisers, and research analysts use financial models to review the financial viability of a business.\u00a0\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e3d44be77c6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e3d44be77c6\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/financial-modeling-for-startups\/#Top_Benefits_of_Using_Financial_Model_for_Business\" >Top Benefits of Using Financial Model for Business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/financial-modeling-for-startups\/#8_Most_Popular_Financial_Models_Types\" >8 Most Popular Financial Models Types\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/financial-modeling-for-startups\/#How_to_Create_a_Sound_Financial_Model_for_Business\" >How to Create a Sound Financial Model for Business?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/financial-modeling-for-startups\/#Crucial_Elements_of_a_Financial_Model\" >Crucial Elements of a Financial Model\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/financial-modeling-for-startups\/#Making_a_Financial_Model\" >Making a Financial Model<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/financial-modeling-for-startups\/#Is_Accounting_Knowledge_Required_For_Financial_Modeling\" >Is Accounting Knowledge Required For Financial Modeling?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/financial-modeling-for-startups\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Top_Benefits_of_Using_Financial_Model_for_Business\"><\/span>Top Benefits of Using Financial Model for Business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are the reasons why businesses need <\/span>financial modeling<span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">First, financial models present quantifiable data, which is immensely useful in fundraising.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">It can attract investors who want to evaluate a company\u2019s financial model before investing.<\/span><\/li>\n<li>It<span style=\"font-weight: 400;\"> provides insight into whether an organization\u2019s ideas are sustainable or not.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">It also helps in understanding the cash flow needs and revenue of a business.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"8_Most_Popular_Financial_Models_Types\"><\/span><b>8 Most Popular Financial Models Types\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9998 size-large\" src=\"https:\/\/d6xcmfyh68wv8.cloudfront.net\/blog-content\/uploads\/2022\/11\/financial-models-kanika-1024x904.png\" alt=\"financial model illustration \" width=\"1024\" height=\"904\" srcset=\"https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/11\/financial-models-kanika-1024x904.png 1024w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/11\/financial-models-kanika-300x265.png 300w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/11\/financial-models-kanika-768x678.png 768w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2022\/11\/financial-models-kanika.png 1071w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<ul>\n<li>\n<h3><b>Three-Statement Model<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The most basic type of <\/span>financial modeling. <span style=\"font-weight: 400;\">It links the three main financial statements &#8211; the balance sheet, income statement, and cash flow statement. <\/span><span style=\"font-weight: 400;\">This three-statement model acts as a base for other financial models.\u00a0<\/span><\/p>\n<p><strong>Read more:<a href=\"https:\/\/razorpay.com\/blog\/business-banking\/income-statement\/\"> Income Statement <\/a><\/strong><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Budget Model<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It falls under the reporting model classification and can be used for planning a business&#8217;s annual budget and economic analysis. This type of<\/span> modeling<span style=\"font-weight: 400;\"> relies heavily on the income statement and uses it as a reference point.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Forecasting Model<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The forecast model makes cost predictions within a company&#8217;s budget with the help of minute planning and economic analysis. As a result, it can help a business to determine its future expenses. For example, it can provide an idea about the costs associated with producing a product or service.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Merger Model<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; color: #000000;\">When two companies collaborate to form a consolidated entity, it is known as a merger. When one company acquires another, it is known as an acquisition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A merger model provides valuable inputs about a startup\u2019s pro forma accretion when there are talks of an acquisition or merger. This type of <\/span>financial modeling<span style=\"font-weight: 400;\"> helps people understand the overall capacity of a company merging with another business.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Discounted Cash Flow Model<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A discounted cash flow (DCF) model helps to determine a startup&#8217;s current net value by building upon the basic three-statement model. It adjusts future cash flow to the time value of money to arrive at a company\u2019s present value. DCF financial modeling allows the partners and investors to evaluate a business\u2019s total equity.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Sum of the Parts Model\u00a0<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">SOTP (Sum of the Parts) model helps to determine the net worth of individual units of a company. Business conglomerates commonly use it with various business units in different industries.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Initial Public Offering Model<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A privately held company becomes public when its stocks are offered on the stock exchange in the form of IPO (Initial Public Offering). A company and investors can use this<\/span><span style=\"font-weight: 400;\"> method to determine its value before going public. This financial model provides an overview of how much investors will pay once it becomes public.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><b>Leveraged Buyout Model\u00a0<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When one company acquires another company using significant debt, it is known as a leveraged buyout. This model is used to assess the transactions of a leveraged buyout. It utilises cash flow statements, revenue and <a href=\"https:\/\/razorpay.com\/learn\/what-is-liability-in-accounting\/\">liability<\/a> to understand better the connection between a company\u2019s debt and cash flow.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Create_a_Sound_Financial_Model_for_Business\"><\/span><b>How to Create a Sound Financial Model for Business?\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Listed below are the necessary steps required to create a financial model:\u00a0<\/span><\/p>\n<h3><b>Step 1: Define the goal of the Financial Model<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In the first step, one must determine how complicated the<\/span>ir model<span style=\"font-weight: 400;\">\u00a0would be. It needs to be less complicated if one aims to do back-of-the-envelope estimates or market sizing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the financial model aims to raise capital, it needs to be detailed enough to show that the business owner has a clear idea about the market. <\/span><span style=\"font-weight: 400;\">A <\/span><span style=\"font-weight: 400;\">detailed analysis is a prerequisite for formulating an accurate financial model.<\/span><\/p>\n<h3><b>Step 2: Understand the KPIs of the startup<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">New businesses need to use industry-standard KPIs (Key Performance Indicators) as a reference point. These are numerical factors that are easy to track. Therefore, businesses must regularly track their performance against these KPIs.<\/span><\/p>\n<h3><b>Step 3: Use a Financial Model template\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Creating a financial model can be time-consuming. To make <\/span>financial modeling<span style=\"font-weight: 400;\"> easier, businesses can choose from the many free templates available on the internet.\u00a0<\/span><\/p>\n<h3><b>Step 4: Start with revenue forecasting\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Here startups need to analyse what will drive revenue for their businesses. Business owners need to analyse the number of users, marketing activities and cost of products. Product development milestones provide a clearer picture for businesses dealing with hardware or biotech.\u00a0<\/span><\/p>\n<h3><b>Step 5: Analyse headcount needs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">An important step to get the model right<\/span><span style=\"font-weight: 400;\">\u00a0is to properly analyse the number of people required to meet business goals. Recruiting costs are another aspect that needs to be considered.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Setting up a new venture is always a challenge. But <a href=\"https:\/\/x.razorpay.com\/auth\/signup\/?r=blog_cta_ca_financial_modelling_for_startups&amp;utm_source=organic\">RazorpayX<\/a> is here to make the job of business owners easier. Our platform enables a startup to manage and control its finances from a single intuitive dashboard easily. We will explore that in a while. But first, let us look at the different elements of <\/span>financial modeling<span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Crucial_Elements_of_a_Financial_Model\"><\/span><b>Crucial Elements of a Financial Model\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Detailed below are crucial elements of financial modeling for startups:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Human Resource: <\/b><span style=\"font-weight: 400;\">The costs associated with new recruitment and salaries of existing employees come under the purview of \u2018human resource\u2019. This is why figuring out the workforce requirements of a startup is essential for making financial models.<\/span><\/li>\n<li aria-level=\"1\"><b>Revenue Assumptions: <\/b><span style=\"font-weight: 400;\">This is the money that a startup hopes to generate. Reasonable and realistic assumptions are required to drive accurate projections.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Balance Sheet: <\/b><span style=\"font-weight: 400;\">It presents details of the assets and liabilities of a startup. In addition, it presents a picture of a company&#8217;s financial position at the end of the reporting period.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Income Statement: <\/b><span style=\"font-weight: 400;\">It is an integral element of the <\/span>financial modeling<span style=\"font-weight: 400;\"> process. For accuracy, one must first determine the <strong>EBITDA<\/strong> (Earnings Before Interest, Taxes, Depreciation and Amortisation).\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Cash Flow Statement: <\/b><span style=\"font-weight: 400;\">It helps to understand a company\u2019s cash and bank balance at the end of a particular year. It provides a clear picture of the cash coming in and going out.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Capital Expenditure: <\/b><span style=\"font-weight: 400;\">It is the expenses necessary for purchasing physical assets. Examples of expenses of a startup include software, office spaces and machinery.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Sensitivity Analysis: <\/b><span style=\"font-weight: 400;\">This element<\/span><span style=\"font-weight: 400;\"> helps analysts understand how the values may change if a company\u2019s operating conditions or assumptions change.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Making_a_Financial_Model\"><\/span><b>Making a Financial Model<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are some vital points that should be kept in mind while creating a sound model<\/span><span style=\"font-weight: 400;\">\u00a0for startups:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Determine the main problem first.\u00a0<\/b>Why does your business need this financial model, and what is the goal you wish to achieve with it?<\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Limit the variables.<\/strong> Make sure that the variables and metrics that your financial model measures is minimal.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Structure is important<\/strong>! The excel sheet used to make your financial<\/span><span style=\"font-weight: 400;\"> model <\/span><span style=\"font-weight: 400;\">should be well structured. Use different colours for each formula and each metric.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Use simple formulas.<\/strong> The formulas for calculations should be as simple as possible. Also, providing the break-up of complex formulas is necessary for clarity.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Recheck the formulas. <\/strong>This helps\u00a0to avoid inaccuracies and errors. If possible, ask someone else to check and review the financial model.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Today<\/span><b>, <\/b>financial modeling<span style=\"font-weight: 400;\"> is an integral part of any new business, and not without reason. It is a crucial element in making financial projections and forecasting revenue. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Startups generally do not have large teams to deal with finances. So, they can consider taking help from RazorpayX, which is a one-stop banking solutions provider.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_Accounting_Knowledge_Required_For_Financial_Modeling\"><\/span>Is Accounting Knowledge Required For Financial Modeling?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Creating &amp; understanding a financial model is difficult and most founders find it easier to outsource this task to their CA partners.<\/p>\n<p>RazorpayX was built precisely with the aim to help founders focus on scaling their businesses while we create simple, innovative &amp; beautiful products that take care of all aspects of money movement.<\/p>\n<p><span style=\"font-weight: 400;\">Let us look at the key benefits of RazorpayX for startups:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This <a href=\"https:\/\/razorpay.com\/blog\/what-is-a-neobank\/\">neo-banking<\/a> platform offers a supercharged<\/span><span style=\"font-weight: 400;\"> current account that can schedule payments in single clicks, auto-read invoices and give detailed financial reports from a single intuitive dashboard.\u00a0<\/span><\/li>\n<li aria-level=\"1\">It comes with a host of benefits such as seamless integration of accounting software such as Tally, 3-click payroll processing, a corporate credit card with 3x higher limit than traditional corporate cards, bulk payouts among other services.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/x.razorpay.com\/auth\/signup\/?r=blog_cta_business_banking_financial_modelling_for_startups&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Explore RazorpayX<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div id=\"rank-math-rich-snippet-wrapper\"><div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-1\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">1. Which type of data do most financial models begin with?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Financial models begin with the entry of past financial statements in a company. Generally, analysts consider the historical data of the previous 3 \u2013 5 years.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-2\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">2. How long does it take to build a financial model? <\/h3>\n<div class=\"rank-math-answer \">\n\n<p>It might take more than three weeks to complete a financial model. This is because the process requires precision and double-checking. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-3\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">3. What are the most popular financial modelling tools? <\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Financial tools are skills, elements and information that help analysts build financial models. Analysts need to make these tools using their knowledge of Microsoft Excel, decision-making skill set and colour formatting knowledge.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-4\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">4. Is financial forecasting different from financial modelling?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Though there are similarities between them, there are crucial differences as well. For example, while financial modelling forecasts revenue and makes projections, financial forecasting represents a business's cash flow for a particular time frame. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-5\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">5. What are the prospects after doing a financial modelling course?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>After completing a financial modelling course, students can work as investment bankers, equity research analysts, financial analysts, directors and managers. <\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A financial model is an excel spreadsheet that projects and forecasts a business&#8217;s performance into the future. It takes into account past performances, expenses, and revenue assumptions. Having a financial model helps business stakeholders make well-informed decisions. \u00a0Bankers, credit analysts, accountants, valuation advisers, and research analysts use financial models to review the financial viability of<\/p>\n","protected":false},"author":107,"featured_media":11528,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[288,446],"class_list":{"0":"post-9968","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-banking","8":"tag-business-banking","9":"tag-financial-model"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/9968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/107"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=9968"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/9968\/revisions"}],"predecessor-version":[{"id":21138,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/9968\/revisions\/21138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/11528"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=9968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=9968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=9968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}