Flipkart India Pvt., backed by Walmart Inc., has injected $30 million into its financial services arm Supermoney as the Bengaluru-based company strengthens its position in digital payments, lending, and stock broking.
The new funding comes just months after Flipkart spun off the fintech unit and had already infused $20 million into the business.
Supermoney, which is led by Chief Executive Officer Prakash Sikaria, has emerged as India’s fifth-largest UPI app in less than a year, handling around 257 million transactions every month, according to the National Payments Corporation of India.
Supermoney expands its reach in UPI and credit
Supermoney has quickly grown in the competitive UPI market by handling hundreds of millions of monthly transactions.
Alongside this, the platform has recently launched a co-branded credit card to capture India’s rising demand for digital credit access.
Plans are underway to broaden its portfolio with personal loans and wealth products, diversifying its offerings for a growing consumer base that increasingly seeks alternatives to traditional banking.
The firm has already disbursed more than $700 million in loans through its lending partners.
It is now looking to scale further by reaching profitability by the end of the year, reflecting Flipkart’s long-term strategy of embedding financial services into its ecosystem.
Move into stock trading and retail investors
Supermoney is developing a simplified stock-trading platform that aims to attract India’s expanding retail investor base.
This is in response to the surge in participation from small investors across the country’s capital markets, particularly during the post-pandemic years.
By offering stock broking alongside payments and loans, Supermoney seeks to position itself as a one-stop platform for digital finance, catering to both spending and investing needs of Indian consumers.
Funding plans and external investor interest
The latest $30 million infusion follows the $20 million Flipkart provided at the time of Supermoney’s spin-off.
According to people familiar with the matter, the fintech is also preparing to raise funds from external investors to support its expansion.
This move could help accelerate product development and market penetration in financial services, an area where e-commerce platforms are increasingly seeking growth.
IPO ambitions and Flipkart’s broader strategy
The success of Supermoney adds significant value to Flipkart’s overall business. As the company continues to scale its fintech arm, it aligns with Flipkart’s preparation for an initial public offering of its core e-commerce operations.
The integration of financial services into its retail ecosystem provides an additional revenue stream and strengthens customer engagement.
A spokesperson for Flipkart did not respond to requests for comment on the latest funding round, but the company’s actions indicate a clear focus on embedding financial technology within its retail framework.
Supermoney’s rapid rise in UPI transactions and expansion into lending and stock broking shows how Flipkart is positioning itself to compete not only in e-commerce but also in India’s fast-growing fintech sector.
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