Flipkart Set to Lead $35-40 Million Funding Round for Super.money

Flipkart is in the final stages of discussions to lead a $35-40 million funding round for its fintech subsidiary, Super.money, marking a significant development for the company. This round will reportedly include external investors for the first time, although Flipkart is expected to retain majority ownership, according to sources familiar with the matter. The details of the funding are anticipated to be finalized by the end of this month.

Flipkart Set to Lead $35-40 Million Funding Round for Super.money
Flipkart Set to Lead $35-40 Million Funding Round for Super.money

Flipkart is in the final stages of discussions to lead a $35-40 million funding round for its fintech subsidiary, Super.money, marking a significant development for the company. This round will reportedly include external investors for the first time, although Flipkart is expected to retain majority ownership, according to sources familiar with the matter. The details of the funding are anticipated to be finalized by the end of this month.

Launched by Prakash Sikaria, a senior executive at Flipkart, Super.money has rapidly become a key component of the company's financial services and lending strategy. It has emerged as one of the fastest-growing Unified Payments Interface (UPI) platforms in India. Last month, it recorded over 100 million UPI transactions, surpassing Amazon Pay in terms of transaction volume, as per data from the National Payments Corporation of India (NPCI). The platform is positioning itself as a competitor to established players like PhonePe, a former part of the Flipkart ecosystem, and other payment service providers.

The upcoming funding round is expected to set a valuation benchmark for Super.money, which aims for aggressive expansion in 2025. A source with knowledge of the matter stated, "They are looking at around 10% dilution at the max in this funding round." This move will further solidify the fintech's position in the market as it prepares to scale its operations significantly.

Since its inception, Super.money has been a separate entity from Flipkart and initially received $15-20 million in funding in 2023. The company hit a major milestone last year during its beta phase by achieving over 10 million transactions per month. Following this success, Super.money has introduced several products to the market, including a credit-first UPI application, fixed deposits, and instant lending services. Its future roadmap includes launching more financial products and expanding partnerships with banks to roll out co-branded RuPay credit cards.

As one of the top UPI apps by transaction volume, Super.money now ranks among the leading platforms alongside PhonePe and Google Pay. The recent decision by NPCI to extend the 30% market cap limit on UPI apps until December 2026 has provided additional breathing room for growth. This extension ensures that Super.money and other players can continue to expand their market share without immediate regulatory constraints.

In December, Super.money appointed Kaushik Mukherjee as its Chief Technology Officer, signaling its intent to strengthen its technological capabilities. This leadership change is part of the company's broader strategy to enhance its infrastructure and stay competitive in the evolving fintech landscape.

As the fintech ecosystem in India becomes increasingly competitive, Super.money’s success in securing significant funding and its strategic partnerships underline its ambitions to be a formidable player in the financial services sector. The upcoming funding round will play a pivotal role in shaping its trajectory for the coming years.