Flipkart Group’s fintech app super.money is looking to achieve profitability by the end of 2025 by rapidly expanding its financial services portfolio, the company founder and CEO, Prakash Sikaria, told Moneycontrol.
The company is also looking to raise its new round around that time.
“We want to raise the next is when we can show the business model working. I think the first year was for us to figure out the product-market fit. Every year, we are breaking the myth of proving ourselves. So, once we prove that, we might raise the next round,” Sikaria said.
Moneycontrol had reported that super.money is delaying its first external round of funding to prepare for a valuation of around a billion dollars.
Flipkart’s super.money looking to raise $60-100 million at unicorn valuation
Unlike bigger payment companies like PhonePe and Paytm, which derive most of their revenue from payments, super.money will make money from selling financial services. As part of its plan to expand the offerings on May 22, the company is officially launching a co-branded Axis Bank credit card offering 3 percent cashback for every UPI scan and pay transaction. The card is based on the Rupay network, which can be linked to customers’ UPI accounts.
“Payments is not a revenue line for us, and 100 percent will come from financial services,” Sikaria said. Super.money already has a secured credit card business offering similar rewards on UPI payments at merchants. Around 10 percent of all super.money transactions happen through its existing virtual card segment.
With the co-branded Axis Bank credit card, the company is looking to issue a million cards over the next year or so.
“We have designed this card to be the second card for everyone or the preferred Rupay card for everyone. Other co-brands target specific merchant transactions, but we would like to target the long tail of merchants that NPCI or UPI stands for,” Sikaria said.
UPI route to sell financial services
“We expect the new card to be a customer acquisition and monetisation tool. This year, we want to figure out our business model properly, make sure that we have revenue lines, and we want to turn EBITDA profitable by the end of the year,” Sikaria said.
The company’s largest revenue line is credit distribution through its platform, with its personal loan assets under management (AUM) crossing Rs 5,000 crore.
Launched in July 2024, super.money has in the country, surpassing Cred, Amazon Pay, Bhim and WhatsApp Pay, which have been around much longer.
The app offers up to 5 percent cashback on food, travel and other merchant payments, helping it to acquire customers. Once it onboards customers, the company is looking to cross-sell credit cards, personal loans, Fixed Deposits, and buy now pay later (BNPL) among other financial services.
Flipkart hived off super.money as a subsidiary with an infusion of $20 million. The aim is to build a fintech app that can hawk various financial services to a large customer base of around 30-40 million, unconstrained by Flipkart’s focus on e-commerce.
In February, it acquired Y Combinator-backed checkout financing platform BharatX for an undisclosed amount to strengthen its offerings, especially BNPL. Checkout financing allows users to shop for products online in instalments at the time of checkout.
Sikaria has told Moneycontrol that the company wasn't looking to build a 400-500 million customer base but would rather focus on 30-40 million consumers for deeper and more regular engagement. The company’s objective is to attract customers whom it can cross-sell at least one financial product.
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