Flipkart is reportedly in advanced talks to lead a $35 to $40 million funding round for its fintech venture, Super.money. For the first time, external investors may participate, though Flipkart will retain majority ownership, according to sources familiar with the matter.
Launched by Flipkart Senior Executive Prakash Sikaria, Super.money has become a key focus for the company’s financial services and lending operations. It is one of the fastest-growing Unified Payments Interface (UPI) platforms, recently surpassing Amazon Pay in transaction volume with over 100 million UPI transactions, as per data from the National Payments Corporation of India (NPCI).
Super.money is positioning itself as a competitor to major payment platforms like PhonePe, formerly part of Flipkart.
The upcoming funding round, led by Flipkart, is expected to establish a valuation benchmark for Super.money as it prepares for aggressive expansion in 2025.
A person familiar with the negotiations stated that the company plans to dilute no more than 10% equity in this round, with final details expected to be settled by the end of the month.
Super.money had internal milestones to achieve, including surpassing 10 million transactions per month during its beta phase, which it accomplished mid-2024. This success enabled the company to roll out new products and move forward with securing additional funding.
Flipkart initially funded Super.money as a separate entity with $15 to $20 million in 2023. With the business now demonstrating product-market fit and a clear growth strategy, fresh capital is needed to fuel its future plans.
Vishal Gawai
Verified JournalistVishal Gawai is the founder of TheIndiaBizz, a media and information platform in India that offers in-depth coverage of the country's startup ecosystem.