Walmart-owned Flipkart Group’s fintech app super.money is looking to raise $60-100 million at a billion-dollar valuation, sources aware of the company’s plans have told Moneycontrol.
The Bengaluru-based company, led by Prakash Sikaria, had earlier discussed raising a $30-million round led by Flipkart along with external investors.
“The company has been able to meet and even surpass the milestones set for itself. This has encouraged Flipkart and the company management to postpone the fundraising for a bigger round and a much better valuation,” one of the sources cites above said.
Launched in July 2024, super.money has emerged as the fifth largest UPI app in the country, surpassing Cred, Amazon Pay, Bhim and WhatsApp Pay, which have been around much longer.
Super.money did not offer any comments on the contours of its new funding round.
The app offers up to 5 percent cashback on food, travel and other merchant payments, helping it get subscribers.
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.
Flipkart’s fintech ambition
Super.money's funding at unicorn valuation will unlock even more value for Flipkart at a time when the company is mulling an initial public offer (IPO) for its e-commerce business. Its logistics arm, Ekart Logistics, is also one of the largest private companies in the domain.
When the e-commerce giant wanted a mobile payments platform, it acquired PhonePe, which was among the first apps to focus on UPI payments when prepaid mobile wallets were still more popular.
PhonePe is now the largest UPI player in the country with around 47 percent market share and is valued at around $12 billion.
Flipkart wanted an independent UPI platform for driving mobile payments. However, the company’s ownership of PhonePe did not give it the freedom to invest in its payment product until PhonePe was hived off in late 2022.
Now, it is looking to build another unicorn, focussing on credit and payments with super.money. Flipkart also offers financial services products such as loans and insurance on its platform. It also launched UPI payments in March 2024.
The credit and payment plan
Super.money is leveraging UPI to expand its customer base to offering more services such as secured credit card, personal loan, fixed deposits and buy now pay later (BNPL).
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.
Super.money had had a waitlist of more than 1.5 million potential credit card customers at the end of 2024, catapulting its bank partner to become a large issuer of credit cards in the months since the launch, the company said.
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.
Super.money focusses on attracting young customers and those who are entering the workforce for the first time.
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