Flipkart’s Super.money quietly partners with troubled Juspay as it expands its reach

Super.money, a fiscal work level spun disconnected past twelvemonth by Walmart-owned Flipkart, has softly partnered with payments infrastructure steadfast Juspay arsenic it expands into direct-to-consumer (D2C) checkout and targets $100 cardinal successful yearly gross by 2026.

The concern comes arsenic Juspay works to rebuild momentum aft facing pushback from large outgo companies earlier this twelvemonth — a quality that analyzable its fundraising efforts.

Last week, Super.money launched its D2C checkout product, Super.money Breeze, which promises merchants a one-click checkout acquisition and aims to velocity up online purchases by removing one-time passwords and repeated logins. The institution did not disclose immoderate exertion partners, but TechCrunch has learned that Juspay is powering the payments infrastructure for Super.money’s latest offering.

The determination could assistance Super.money scope caller customers and physique visibility among D2C brands — expanding its beingness beyond Flipkart’s existing idiosyncratic basal and making the marque much acquainted to online shoppers. While Super.money already benefits from Flipkart’s distribution, the checkout merchandise signals an effort to found a standalone individuality successful the broader e-commerce ecosystem.

The concern is adjacent much important for JusPay, which has been moving to regain crushed with Indian merchants. The SoftBank-backed institution mislaid a fig of them aft payment gateways, including Razorpay and Cashfree Payments, moved away from JusPay successful January, urging merchants to follow their in-house outgo processing tools instead. The fallout affected JusPay’s fundraising efforts, with its astir caller circular coming successful astatine $60 million, down from earlier expectations of astir $100 million, radical acquainted with the substance told TechCrunch.

JusPay was erstwhile a preferred backend spouse for outgo aggregators, helping them trim transaction failures done its outgo routing platform. The institution counts Amazon arsenic a long-standing lawsuit and received a outgo aggregator licence from the Reserve Bank of India past year. But arsenic contention intensifies successful India’s integer payments space, players similar Razorpay, Cashfree, and Flipkart spin-off PhonePe person begun limiting their ain reliance connected third-party providers, opting alternatively to deepen their nonstop relationships with merchants.

Super.money’s determination to spouse with JusPay runs antagonistic to a broader inclination of outgo players gathering and controlling their ain infrastructure. But for a young fintech inactive expanding its scope beyond Flipkart, the determination offers a shortcut to D2C integrations without having to physique full-stack outgo capabilities from scratch. It besides signals Super.money’s intent to delve deeper into user transactions and summation payments done its platform.

Launched arsenic a outgo app successful June 2024, much than a twelvemonth after Flipkart formally separated from PhonePe, Super.money has since go 1 of India’s apical 5 UPI (Unified Payments Interface) apps by transaction volume. UPI is the India’s government-backed instant outgo system. The app processed implicit 200 cardinal transactions per period for 4 consecutive months done August, per data from the National Payments Corporation of India, the national assemblage that manages the UPI system.

Image Credits:Jagmeet Singh / TechCrunch

In caller months, Super.money has surpassed ample backstage banks similar Axis Bank and ICICI Bank, arsenic good arsenic fintech players including Amazon Pay and CRED, to ascent the UPI rankings — a important feat for a recently launched app.

Super.money has besides go a apical issuer of secured recognition cards successful India, holding a 10% marketplace share, according to manufacture insights shared with TechCrunch by a idiosyncratic acquainted with the data. These cards necessitate customers to enactment down a deposit and are presently issued successful concern with Utkarsh Small Finance Bank. The institution is looking to grow the concern and is successful talks with a backstage assemblage lender to standard distribution, a root told TechCrunch.

So far, Super.money has issued astir 300,000 secured cards and is adding astir 50,000 caller cards each month, the idiosyncratic added.

The secured paper concern is cardinal to Super.money’s monetization strategy, helping it determination users from low-margin UPI payments into revenue-generating fiscal products. While the institution doesn’t complaint for UPI transactions, it uses that measurement to onboard customers and cross-sell higher-yield offerings specified arsenic recognition cards and user loans.

Unlike galore different UPI-focused fintechs, Super.money has kept its pain complaint debased by relying connected Flipkart’s organisation alternatively than dense marketing. The institution besides operates with a thin squad of astir 130 to 150 radical to service its idiosyncratic basal of implicit 80 cardinal users, TechCrunch has learned.

For Flipkart, Super.money marks a renewed propulsion into fintech aft it formally spun retired PhonePe successful 2023. While PhonePe went connected to predominate India’s UPI landscape, it present operates independently nether Walmart’s broader umbrella. Super.money, by contrast, remains tightly integrated with Flipkart and appears focused connected monetizing fiscal services straight wrong — and beyond — the e-commerce ecosystem.

So far, Flipkart has invested $50 million successful Super.money to footwear disconnected its business, led by Prakash Sikaria, who was antecedently Flipkart’s main acquisition serviceman for lawsuit growth, marketing, ads, and caller initiatives, and who besides founded Shopsy. Sikaria besides helped Flipkart get online question institution Cleartrip and led products including Flipkart Ads and Supercoins, per his LinkedIn page.

However, Super.money is looking to spell beyond Flipkart and rise an outer round. The steadfast is already successful talks with bankers and is aiming to rise the circular astatine astir $1 cardinal valuation sometime adjacent year, sources told TechCrunch.

Super.money is presently connected way to adjacent 2025 with astir $30 cardinal successful yearly recurring revenue, TechCrunch learned. The steadfast is aiming to much than triple that fig successful 2026, mostly driven by maturation successful its secured recognition paper concern and idiosyncratic lending, arsenic good arsenic done moves including the precocious launched D2C checkout product.

That said, Super.money is presently successful its aboriginal stages of monetization, and volition apt look intensifying contention from established players similar PhonePe, Google Pay, and Razorpay — each of whom are gathering oregon defending their ain payments infrastructure. Its quality to person UPI standard into sustainable revenue, particularly done lending and checkout infrastructure, volition find whether it tin go Flipkart’s 2nd large fintech occurrence — oregon look the aforesaid ecosystem unit presently weighing connected its partner, JusPay.

Flipkart, Sikaria, and Juspay co-founder and CEO Vimal Kumar did not respond to requests for comment.