Flipkart-owned Super.money quietly partners with struggling Juspay to expand its reach

Super.money, the financial services platform spun off by Walmart-owned Flipkart last yr, has quietly partnered with payments infrastructure company Juspay, expanding it to direct-to-consumer (D2C) transactions and achieving annual revenues of $100 million by 2026.

The partnership comes as Jupay works to rebuild momentum after facing pushback from major payments corporations earlier this yr – a dispute that has complicated its fundraising efforts.

Last week, Super.money launched its D2C checkout product, Super.money Breeze, which provides merchants with one-click checkout and goals to speed up online shopping by removing one-time passwords and multiple logins. The company didn’t disclose any technology partners, but TechCrunch has learned that Juspay powers the payment infrastructure of Super.money’s latest offering.

This move could help Super.money reach recent customers and build visibility among D2C brands – expanding its presence beyond Flipkart’s existing user base and making the brand more familiar to internet buyers. While Super.money already advantages from Flipkart’s distribution, the checkout product signals an attempt to establish a standalone identity in the broader e-commerce ecosystem.

The partnership is much more essential for Jupay as it really works to regain its footing among Indian merchants. The SoftBank-backed company lost many of them after that payment gateways including Razorpay and Cashfree Payments have been removed from Jupay in January, urging merchants to adopt their very own payment processing tools as an alternative. These consequences have impacted Jupay’s fundraising efforts since its latest round will earn $60 millioncompared to earlier expectations of about $100 million, people familiar with the matter told TechCrunch.

Juspay used to be the back-end partner of selection for payment aggregators, helping them reduce transaction failures through their payment routing platform. The company counts Amazon as a long-time customer and last yr received a payments aggregator license from the Reserve Bank of India. However, as competition increases in the Indian digital payments space, players equivalent to Razorpay, Cashfree and Flipkart PhonePe have began to operate reducing its dependence on external suppliersopting as an alternative to deepen direct relationships with sellers.

Super.money’s decision to partner with Juspay goes against a broader trend of payment players building and controlling their very own infrastructure. But for the young fintech that continues to expand its reach beyond Flipkart, the move offers a shortcut to D2C integration without having to build full payment capabilities from scratch. It also signals Super.money’s intention to delve deeper into consumer transactions and increase payments through its platform.

Launched as a payments app in June 2024, over a yr after Flipkart was formally separated from PhonePe, Super.money has since grow to be one of India’s top five UPI (Unified Payments Interface) apps in terms of transaction volume. UPI is an Indian government-backed quick payments system. The app processed greater than 200 million transactions per 30 days for the 4 consecutive months through August data from the National Payments Corporation of India, the federal body that manages the UPI system.

In recent months, Super.money has overtaken large private banks equivalent to Axis Bank and ICICI Bank in addition to fintech players including Amazon Pay and CRED to climb the UPI rankings, a significant achievement for the newly launched app.

Super.money has also grow to be the leading issuer of secured bank cards in India, with a 10% market share, according to industry insights shared with TechCrunch by a person familiar with the data. These cards require customers to make a deposit and are currently issued in partnership with Utkarsh Small Finance Bank. The company plans to expand its operations and is in talks with a private sector lender to scale up distribution, a source told TechCrunch.

So far, Super.money has issued about 300,000 secured cards and is adding about 50,000 recent cards every month, the person added.

The secured card business is critical to Super.money’s monetization strategy, helping it move users from low-margin UPI payments to revenue-generating financial products. While the company does not charge a fee for UPI transactions, it uses the amount to acquire customers and cross-sell higher-yield offerings equivalent to bank cards and consumer loans.

Unlike many other UPI-focused fintechs, Super.money has maintained a low burn rate by relying on Flipkart distribution relatively than heavy marketing. TechCrunch has learned that the company also operates with a small team of about 130 to 150 people who serves a user base of greater than 80 million users.

For Flipkart, Super.money marks a renewed foray into fintech after formally spinning off PhonePe in 2023. While PhonePe has dominated the Indian UPI landscape, it now operates independently under the broader Walmart umbrella. Super.money, on the other hand, stays closely integrated with Flipkart and appears to be focused on monetizing financial services directly inside the e-commerce ecosystem and beyond.

Flipkart has done this so far invested $50 million at Super.money to launch under the leadership of Prakash Sikaria, who was previously Flipkart’s chief experience officer for customer development, marketing, promoting and recent initiatives, and founding father of Shopsy. Sikaria also helped Flipkart acquire online travel agency Cleartrip and, according to him, ran products like Flipkart Ads and SuperCoins LinkedIn page.

However, Super.money wants to go beyond Flipkart and raise an external round. The company is already in talks with bankers and goals to raise the round to about $1 billion next yr, sources told TechCrunch.

TechCrunch has learned that Super.money is currently on track to close 2025 with roughly $30 million in recurring annual revenue. The company goals to achieve greater than three times that quantity in 2026, largely driven by growth in its secured bank card and personal lending businesses, in addition to efforts equivalent to its recently launched D2C checkout product.

That said, Super.money is currently in the early stages of monetization and will likely face increasing competition from established players equivalent to PhonePe, Google Pay and Razorpay – all of which are building or defending their very own payments infrastructure. Its ability to convert UPI’s scale into sustainable revenue, especially through its lending and teller infrastructure, will determine whether it could grow to be Flipkart’s second major fintech success or face the same ecosystem pressures currently weighing on its partner Juspay.

Flipkart co-founder and CEO Sikaria and Juspay Vimal Kumar didn’t respond to requests for comment.