Supermoney, the financial services platform spun off last year by Walmart-owned Flipkart, has quietly partnered with payments infrastructure company Jaspay, which aims to expand into direct-to-consumer (D2C) checkout and hit $100 million in annual revenue by 2026.
The partnership comes as Juspay works to rebuild momentum after a dispute earlier this year that faced pushback from major payments companies and complicated fundraising efforts.
Last week, Super.money announced Super.money Breeze, a direct-to-consumer checkout product. It promises merchants a one-click checkout experience and aims to speed up online purchases by removing one-time passwords and repeated logins. Although the company has not disclosed its technology partners, TechCrunch has learned that Juspay is powering the payment infrastructure for Super.money’s latest service.
The move could help Super.money attract new customers and increase awareness among D2C brands, expand its presence beyond Flipkart’s existing user base, and make the brand more accessible to online shoppers. While Super.money already benefits from Flipkart’s distribution, this checkout product signals an effort to establish a standalone identity in the broader e-commerce ecosystem.
The partnership is even more significant for Jaspay, which has been working to regain its position with Indian distributors. The SoftBank-backed company lost a number of payment services after payment gateways including Razorpay and Cashfree Payments pulled out of Juspay in January, urging merchants to adopt their own payment processing tools instead. The fallout has affected Juspay’s fundraising efforts, with the latest round of funding coming in at $60 million, lower than the company’s initial estimate of about $100 million, people familiar with the matter told TechCrunch.
Juspay was once the preferred backend partner for payment aggregators, helping reduce transaction failures through its payment routing platform. The company counts Amazon as a long-time customer and last year received a payments aggregator license from the Reserve Bank of India. However, as competition intensifies in India’s digital payments space, players such as Razorpay, Cashfree and Flipkart spin-off PhonePe have begun to limit their reliance on third-party providers, opting instead to deepen direct relationships with merchants.
Super.money’s decision to partner with Juspay bucks the broader trend for payment providers to build and manage their own infrastructure. But for young fintechs that are still expanding their reach beyond Flipkart, the move offers a shortcut to D2C integration without having to build full-stack payments functionality from scratch. This also signals Super.money’s intention to dig deeper into consumer transactions and increase payments through its platform.
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Launched as a payments app in June 2024, more than a year after Flipkart officially separated from PhonePe, Super.money has since become one of the top five UPI (Unified Payments Interface) apps in India by transaction volume. UPI is an instant payment system backed by the Indian government. The app processed more than 200 million transactions a month for four consecutive months ending in August, according to data from the National Payments Corporation of India, the federal agency that manages the UPI system.
In recent months, Super.money has moved up the UPI rankings, outperforming large private banks such as Axis Bank and ICICI Bank and fintech companies such as Amazon Pay and CRED. This is a significant feat for a newly released app.
Super.money has become the top secure credit card issuer in India, holding a 10% market share, according to industry insights shared with TechCrunch by people familiar with the data. These cards require customers to pay a deposit and are currently issued in partnership with Utkarsh Small Finance Bank. The company is looking to expand its business and is in talks with private lenders to expand its distribution, sources told TechCrunch.
Super.money has issued about 300,000 secure cards so far and adds about 50,000 new cards every month, the person added.
The secure card business is at the heart of Super.money’s monetization strategy, helping to move users from low-margin UPI payments to revenue-generating financial products. The company doesn’t charge fees for UPI transactions, but uses its volume to onboard customers and cross-sell high-yield products like credit cards and consumer loans.
Unlike many other UPI-focused fintechs, Super.money keeps its burn rate low by relying on Flipkart distribution rather than extensive marketing. According to TechCrunch, the company operates with a lean team of about 130 to 150 people to serve a user base of over 80 million people.
For Flipkart, Super.money marks a new commitment to fintech after officially spinning off PhonePe in 2023. PhonePe continued to dominate India’s UPI landscape, but now operates independently under the broader umbrella of Walmart. In contrast, Super.money is tightly integrated with Flipkart and appears to be focused on monetizing financial services directly within and beyond the e-commerce ecosystem.
So far, Flipkart has invested $50 million in Super.money to start the business, led by Prakash Sikaria, previously Flipkart’s chief experience officer for customer growth, marketing, advertising and new initiatives, and founder of Shopsy. According to his LinkedIn page, Sicaria also supported Flipkart’s acquisition of online travel company Cleartrip and led products such as Flipkart advertising and Supercoin.
However, Super.money is looking to raise an external round beyond Flipkart. The company is already in talks with bankers and aims to raise a round at a valuation of about $1 billion sometime next year, people told TechCrunch.
According to TechCrunch, Super.money is currently on track to end in 2025 with approximately $30 million in annual recurring revenue. The company aims to more than triple that number in 2026, largely due to growth in its secure credit card business and personal lending, as well as moves such as its recently launched direct-to-consumer checkout product.
That said, Super.money is currently in the early stages of monetization and may face increased competition from established players such as PhonePe, Google Pay, and Razorpay. All of these players are building or defending their own payment infrastructure. UPI’s ability to turn scale into sustainable revenue, especially through its lending and checkout infrastructure, will determine whether it becomes Flipkart’s second big fintech success or faces the same ecosystem pressures currently weighing on its partner Juspay.
Bimal Kumar, co-founder and CEO of Flipkart, Sicaria and Japei, did not respond to requests for comment.
