Flipkart Super.money Partners with Juspay for Expansion

Super.money and Juspay Forge Partnership for D2C Expansion

Super.money, a financial services platform originating from Flipkart – a company owned by Walmart – has established a collaborative partnership with Juspay, a payments infrastructure provider. This alliance supports Super.money’s expansion into direct-to-consumer (D2C) checkout solutions and its objective to achieve $100 million in annual revenue by the year 2026.

A Quiet Collaboration

The partnership was initiated without any public announcements, such as press releases or social media updates. It was only briefly noted within a blog post on Breeze’s website, which appears to have limited search engine indexing. This collaboration occurs as Juspay endeavors to regain momentum following recent actions by major payment companies to reduce their reliance on third-party payment orchestrators.

Introducing Super.money Breeze

Last week saw the launch of Super.money Breeze, Super.money’s new D2C checkout product. This offering aims to provide merchants with a streamlined, one-click checkout experience, accelerating online purchases by eliminating the need for one-time passwords and repetitive logins. While the companies initially withheld information regarding technology partners, it has been confirmed that Juspay is providing the underlying payments infrastructure for this latest product.

Expanding Reach Beyond Flipkart

This strategic move is expected to enable Super.money to access a wider customer base and enhance its visibility among D2C brands. This expansion extends beyond Flipkart’s existing user network, increasing brand recognition among online shoppers. While currently benefiting from Flipkart’s distribution channels, the checkout product signifies a deliberate effort to establish an independent identity within the broader e-commerce landscape.

Benefits for Juspay

Juspay also stands to benefit from this agreement, particularly in light of recent decisions by payment gateways like Razorpay and Cashfree Payments to move away from the platform in January. These companies encouraged merchants to adopt their own in-house payment processing tools instead.

Impact on Fundraising

This shift reportedly impacted Juspay’s fundraising efforts. Its most recent funding round was secured at $60 million, a decrease from initial expectations of approximately $100 million, according to sources familiar with the matter.

Juspay’s Role in the Payments Ecosystem

Juspay focuses on partnering directly with merchants, providing the back-end software necessary to facilitate payments. Operating within the middle layer of the payments stack, the company routes payments between merchants, payment aggregators, and consumers, effectively reducing transaction failures.

Competition in India’s Digital Payments

Amazon remains a long-term client of Juspay, and the company also obtained a payment aggregator license from the Reserve Bank of India last year. However, as competition intensifies within India’s digital payments sector, companies such as Razorpay, Cashfree, and PhonePe – a Flipkart spin-off – have begun to lessen their dependence on third-party providers, prioritizing direct relationships with merchants.

Juspay’s Response

In an emailed statement, Juspay asserted, “Our merchant operations remain fully stable and unaffected, and we would like to emphasize that we have not lost any merchants.” The company further stated that its merchant base has grown significantly, both in India and internationally, with daily transaction volume increasing from 200 million in January to over 300 million currently. Annualized total payment volume (TPV) has also risen from $900 billion to $1 trillion.

A Counter-Trend in Payment Infrastructure

Super.money’s partnership with Juspay represents a departure from the prevailing trend of payment companies developing and controlling their own infrastructure. However, for a relatively new fintech company still expanding beyond Flipkart, this collaboration offers a rapid pathway to D2C integrations without the need for building comprehensive payment capabilities independently. It also demonstrates Super.money’s intention to deepen its involvement in consumer transactions and increase payment volume through its platform.

Super.money’s Rapid Growth

Launched as a payment app in June 2024, over a year after Flipkart’s formal separation from PhonePe, Super.money has quickly become one of the top five UPI (Unified Payments Interface) apps in India by transaction volume. UPI is India’s government-supported instant payment system. The app processed over 200 million transactions monthly for four consecutive months through August, according to data from the National Payments Corporation of India.

UPI Rankings and Secured Credit Cards

In recent months, Super.money has surpassed established private banks like Axis Bank and ICICI Bank, as well as fintech companies including Amazon Pay and CRED, in the UPI rankings – a notable achievement for a recently launched application.

Furthermore, Super.money has emerged as a leading issuer of secured credit cards in India, currently holding a 10% market share, as indicated by industry insights shared with TechCrunch. These cards require a customer deposit and are currently issued in collaboration with Utkarsh Small Finance Bank. The company is actively seeking to expand this business and is in discussions with a private sector lender to broaden distribution.

Secured Card Issuance and Monetization

To date, Super.money has issued approximately 300,000 secured cards, adding roughly 50,000 new cards each month. The secured card business is a key component of Super.money’s monetization strategy, enabling a shift from low-margin UPI payments to higher-revenue-generating financial products. While the company does not charge for UPI transactions, it leverages that volume to acquire customers and promote offerings like credit cards and consumer loans.

Lean Operations and Flipkart Support

Unlike many other UPI-centric fintechs, Super.money has maintained a low burn rate by capitalizing on Flipkart’s distribution network rather than relying on extensive marketing campaigns. The company also operates with a relatively small team of 130 to 150 employees to serve its user base of over 80 million users.

Flipkart’s Renewed Fintech Focus

For Flipkart, Super.money signifies a renewed commitment to fintech following the formal spin-off of PhonePe in 2023. While PhonePe has become a dominant force in India’s UPI landscape, it now operates independently under Walmart’s broader structure. Super.money, in contrast, remains closely integrated with Flipkart and is focused on monetizing financial services both within and beyond the e-commerce ecosystem.

Investment and Future Plans

Flipkart has invested $50 million in Super.money to initiate its operations, under the leadership of Prakash Sikaria, formerly Flipkart’s chief experience officer for customer growth, marketing, ads, and new initiatives, and the founder of Shopsy. Sikaria also oversaw Flipkart’s acquisition of Cleartrip and led the development of products like Flipkart Ads and SuperCoins.

Super.money is now exploring options for external funding and is reportedly in discussions with investment banks, aiming to secure a funding round at a valuation of approximately $1 billion sometime next year.

Revenue Projections and Competitive Landscape

Super.money is projected to achieve around $30 million in annual recurring revenue by the end of 2025. The company aims to more than triple this figure in 2026, driven by growth in its secured credit card business, personal lending, and initiatives like the recently launched D2C checkout product.

However, Super.money is still in the early stages of monetization and will likely encounter increasing competition from established players such as PhonePe, Google Pay, and Razorpay – all of whom are developing or defending their own payments infrastructure. Its success in converting UPI scale into sustainable revenue, particularly through lending and checkout infrastructure, will determine whether it can become Flipkart’s second major fintech success story – or face similar challenges currently impacting its partner, Juspay.

Flipkart and Sikaria did not respond to requests for comment.

Note: This story has been updated to clarify the details of the partnership’s announcement, tweak the language around Juspay’s current business, and add a comment by Juspay.