Flipkart India, backed by Walmart Inc, is investing $30 million in its fintech unit Supermoney as the e-commerce giant accelerates its push into lending and stock broking, according to people familiar with the matter.
The fresh capital follows a $20 million infusion Flipkart made when it spun off Supermoney last year, the people said, asking not to be identified as the information isn’t public. The business, led by Chief Executive Officer Prakash Sikaria, is also preparing to raise funds from external investors to fuel its expansion, they said.
Launched less than a year ago, Supermoney has quickly become India’s fifth-largest UPI app, handling about 257 million transactions a month, according to data from the National Payments Corporation of India. The company recently introduced a co-branded credit card and plans to broaden its offerings into personal loans and wealth products.
A spokesperson for Flipkart didn’t respond to a request for comment.
The firm has disbursed more than $700 million through lending partners and is aiming to reach profitability by year-end, the people said. It’s also developing a simplified stock-trading platform to tap into India’s booming retail investor base.
Supermoney’s growth adds to Flipkart’s overall value as the Bengaluru-based retailer weighs an initial public offering for its core e-commerce business.
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