Super.money’s Ambitious Expansion in India’s Fintech Landscape
Walmart-owned Flipkart Group’s fintech arm, super.money, is seeking to raise between $60 million and $100 million, aiming for a billion-dollar valuation, according to sources familiar with the company’s plans. The Bengaluru-based firm, led by Prakash Sikaria, had earlier considered a $30 million round led by Flipkart, but after surpassing key business milestones, the company decided to delay the fundraising to secure a larger investment at a higher valuation.
Launched in July 2024, super.money has quickly emerged as one of India’s top five UPI payment apps, surpassing established players like Cred, Amazon Pay, BHIM, and WhatsApp Pay. Despite being relatively new, its rapid adoption has positioned it as a serious contender in the country’s evolving fintech space.
Super.money is in talks to raise $60-100 million at a unicorn valuation.
Initially planned for a $30-million round, the company postponed fundraising for better valuation.
The app has outpaced several established UPI players within a year of its launch.
A Strategic Move: Flipkart’s Standalone Fintech Expansion
Flipkart initially infused $20 million into super.money, spinning it off as an independent subsidiary to expand beyond e-commerce payments. The goal is to create a full-scale fintech platform catering to 30-40 million users, free from the constraints of Flipkart’s core retail business.
Super.money has differentiated itself by offering up to 5% cashback on food, travel, and merchant payments, making it an attractive choice for consumers seeking rewards-based UPI transactions. The app’s success is being closely watched as Flipkart gears up for its own IPO and looks to enhance its fintech footprint.
Flipkart initially invested $20 million to establish super.money as a separate fintech entity.
The platform focuses on offering lucrative cashback rewards to attract users.
Super.money’s success is key to Flipkart’s larger fintech ambitions ahead of its IPO.
The Flipkart Fintech Playbook: From PhonePe to Super.money
Flipkart has a long history of betting on digital payments. The e-commerce giant’s first major foray into fintech was with PhonePe, which it acquired in 2016 when UPI was still in its infancy. PhonePe quickly became India’s leading UPI payments app, capturing a 47% market share and achieving a $12 billion valuation.
However, Flipkart was unable to fully invest in PhonePe’s growth due to ownership complexities. This led to PhonePe’s separation from Flipkart in late 2022, after which Flipkart launched super.money in 2024 to regain its foothold in the payments and credit ecosystem.
Now, super.money is being positioned as Flipkart’s next fintech unicorn, with a greater focus on credit, buy now pay later (BNPL), and financial products beyond simple UPI transactions.
Flipkart’s first fintech success was PhonePe, now valued at $12 billion.
PhonePe’s separation in 2022 led Flipkart to launch super.money in 2024.
Super.money is designed to complement UPI with a broader range of financial services.
Expanding Beyond UPI: Super.money’s Credit and Lending Focus
Super.money’s long-term vision extends beyond payments into lending and wealth management. The platform is actively working on secured credit cards, personal loans, fixed deposits, and BNPL options, leveraging its UPI user base to cross-sell financial products.
In February 2025, super.money made a strategic acquisition, buying Y Combinator-backed checkout financing platform BharatX to enhance its BNPL offerings. Checkout financing, a model gaining traction in India, allows users to split their payments into easy monthly installments at checkout, making high-ticket purchases more accessible.
Super.money’s lending potential is further underscored by its 1.5 million-strong waitlist for credit cards. Its banking partners have benefited from this surge in demand, helping them become leading issuers of new credit cards in a short span.
Super.money is expanding into secured credit cards, loans, FDs, and BNPL.
Acquisition of BharatX strengthens its position in checkout financing.
Over 1.5 million users are on the waitlist for credit cards, boosting issuance rates.
Targeting India’s Young and Emerging Workforce
Super.money’s strategy is not about reaching the widest audience possible but rather building deep engagement with a targeted user base of 30-40 million people. The company is specifically focusing on young professionals and first-time earners, a segment that is increasingly adopting digital financial services.
Sikaria, in a recent statement, mentioned that the goal is to offer at least one financial product to every customer, ensuring long-term engagement rather than just high download numbers. By prioritizing a smaller but high-value consumer base, super.money aims to maximize profitability and brand loyalty.
Super.money is focusing on a high-engagement base of 30-40 million users.
The platform primarily targets young professionals and first-time earners.
The objective is to cross-sell at least one financial product per user for long-term value.
Flipkart’s Broader Fintech Ambitions and IPO Preparations
Flipkart’s fintech ambitions are gaining momentum at a crucial time. With its e-commerce IPO on the horizon, the company is looking to maximize value creation in multiple sectors, including fintech and logistics.
Alongside super.money, Flipkart is also expanding its financial services division, which includes offerings like consumer loans, insurance, and investment products. At the same time, its logistics arm, Ekart Logistics, is among the largest private players in India’s delivery and fulfillment space.
If super.money’s funding round is successful, it will strengthen Flipkart’s fintech playbook, allowing it to diversify revenue streams ahead of its IPO.
Flipkart’s IPO plans make fintech expansion a key priority.
Super.money’s success will help Flipkart maximize its market valuation.
The company is simultaneously growing its logistics and financial services businesses.
