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

Super.money, a financial services platform spun off by Walmart-owned Flipkart last year, has quietly partnered with payments infrastructure company Juspay as it expands into direct-to-consumer (D2C) checkout and targets $100 million in annual revenue by 2026.

The partnership comes as Juspay works to rebuild momentum after facing a backlash from major payments companies earlier this year – a dispute that complicated fundraising efforts.

Last week, Super.money launched its D2C checkout product, Super.money Breeze, which promises merchants a one-click checkout experience and aims to speed up online purchases by removing one-time passwords and repeat logins. The company did not reveal any technology partners, but TechCrunch has learned that Juspay is powering the payments infrastructure for Super.money’s latest offering.

The move could help Super.money reach new customers and build visibility among D2C brands, expanding its presence beyond Flipkart’s existing user base and raising the brand’s profile among online shoppers. While Super.money already benefits from Flipkart’s distribution, the checkout product signals an attempt to establish a standalone identity in the broader e-commerce ecosystem.

The partnership is even more important for JusPay, which has been working to regain ground among Indian merchants. The SoftBank-backed company subsequently lost some of them payment gateways, including Razorpay and Cashfree Payments, have disappeared from JusPay in January, urging merchants to adopt their in-house payment processing tools instead. The fallout impacted JusPay’s fundraising efforts, during the most recent round comes to $60 milliondown from previous expectations of about $100 million, people familiar with the matter told TechCrunch.

JusPay was once a preferred backend partner for payment aggregators, helping them reduce failed transactions through its payment routing platform. The company considers Amazon a long-standing customer and last year received a payment aggregator license from the Reserve Bank of India. But as competition in digital payments intensifies in India, players like Razorpay, Cashfree and Flipkart spin-off PhonePe have started limiting their own dependence on external suppliersand instead chose to deepen their direct relationships with traders.

Super.money’s decision to partner with JusPay goes against a broader trend of payment players building and controlling their own infrastructure. But for a young fintech still expanding its reach beyond Flipkart, this move offers a shortcut to D2C integrations 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.

Super.money was launched as a payments app in June 2024, more than a year after Flipkart formally separated from PhonePe, and has since become one of India’s top five UPI (Unified Payments Interface) apps by transaction volume. UPI is the Indian government-backed instant payment system. The app processed more than 200 million transactions per month for four consecutive months through August facts of the National Payments Corporation of India, the federal agency that manages the UPI system.

In recent months, Super.money has overtaken major private banks like Axis Bank and ICICI Bank, as well as fintech players like Amazon Pay and CRED, to climb the UPI rankings – a significant achievement for a newly launched app.

Super.money has also become one of the largest issuers of secured credit 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 is looking to expand the business 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 new cards every month, the person added.

The secured card business is central to Super.money’s monetization strategy, allowing users to move from low-margin UPI payments to revenue-generating financial products. While the company doesn’t charge fees on UPI transactions, it uses that volume to onboard customers and cross-sell higher-yield offerings like credit cards and consumer loans.

Unlike many other UPI-focused fintechs, Super.money has kept its burn rate low by relying on Flipkart’s distribution rather than heavy marketing. The company also works with a small team of about 130 to 150 people to serve its user base of more than 80 million users, TechCrunch has learned.

For Flipkart, Super.money marks a renewed foray into fintech after PhonePe was formally spun off in 2023. While PhonePe dominated India’s UPI landscape, it now operates independently under the broader umbrella of Walmart. Super.money, on the other hand, remains tightly integrated with Flipkart and appears focused on generating revenue from financial services directly within – and beyond – the e-commerce ecosystem.

So far, Flipkart has done that $50 million invested in Super.money to kick off its business, led by Prakash Sikaria, who was previously Flipkart’s Chief Experience Officer for customer growth, marketing, advertising and new initiatives, and who also founded Shopsy. Sikaria also helped Flipkart acquire online travel company Cleartrip and led products including Flipkart Ads and Supercoins, according to his LinkedIn page.

However, Super.money is looking to go beyond Flipkart and raise an external round. The company is already in talks with bankers and aims to raise the round to a valuation of around $1 billion sometime next year, sources told TechCrunch.

Super.money is currently on track to exit 2025 with about $30 million in annual recurring revenue, TechCrunch has learned. The company aims to more than triple that figure by 2026, driven in large part by growth in its secured credit card and personal lending businesses, as well as measures such as 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 like PhonePe, Google Pay and Razorpay – all of which are building or defending their own payment infrastructure. The company’s ability to translate UPI scale into sustainable revenue, especially through its credit and payments infrastructure, will determine whether it can become Flipkart’s second big fintech success – or face the same ecosystem pressures currently weighing on its partner JusPay.

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