Flipkart is in advanced discussions to lead a $35–40 million funding in its fintech venture, Super.money, which for the first time may see external investors also joining the round but with the web-retailer retaining its majority ownership, people in the know of the matter said.

Super.money, started by Flipkart senior executive Prakash Sikaria, is among the big focus areas at Flipkart for its financial services and lending business and has emerged as one of the fastest growing Unified Payments Interface (UPI) apps. It surpassed Amazon Pay last month in terms of volume with more than 100 million UPI transactions, as per National Payments Corporation of India (NPCI) data. Super.money is emerging as a rival to payments firms like PhonePe — previously part of the Flipkart group — and others.

The Flipkart-led latest funding will set the valuation benchmark for the fintech venture that will be scaled aggressively in 2025.

“The broad contours of the new funding round is done. They (Super.money) are looking at around 10% dilution at the max in this funding round but these details will close this month,” a person aware of the matter said.

The internal milestones for the firm included recording over 10 million transactions a month in the beta phase and top 100 million a month. “With that (achieving beta target) done in the middle of last year, the company kickstarted launching products and now is in the final leg of closing the new funding,” another person aware of the matter said.

Flipkart did not respond to ET’s email seeking comment, while Sikaria declined to comment.

Flipkart had set up Super.money as a separate entity from the start and funded it with around $15-20 million 2023. “So, money was required for this year now that there is a product market fit and clear plan in terms of what all Super.money can do in the coming years,” the person said.Last year, it launched its credit-first UPI application to the public and followed it up with products like fixed deposits and instant lending. The company is expected to launch more products this year. It has partnered banks to launch co-branded RuPay credit cards as well.

In December, it hired Kaushik Mukherjee as its new chief technology officer.

Super.money is among the top five-six apps based on monthly UPI transaction volumes where PhonePe and Google Pay are the leaders. NPCI, which manages UPI, on December 31 extended the much-debated 30% market cap on UPI apps by another two years to December 2026.

Flipkart is in advanced discussions to lead a $35–40 million funding in its fintech venture, Super.money, which for the first time may see external investors also joining the round but with the web-retailer retaining its majority ownership, people in the know of the matter said.

Super.money, started by Flipkart senior executive Prakash Sikaria, is among the big focus areas at Flipkart for its financial services and lending business and has emerged as one of the fastest growing Unified Payments Interface (UPI) apps. It surpassed Amazon Pay last month in terms of volume with more than 100 million UPI transactions, as per National Payments Corporation of India (NPCI) data. Super.money is emerging as a rival to payments firms like PhonePe — previously part of the Flipkart group — and others.

The Flipkart-led latest funding will set the valuation benchmark for the fintech venture that will be scaled aggressively in 2025.

“The broad contours of the new funding round is done. They (Super.money) are looking at around 10% dilution at the max in this funding round but these details will close this month,” a person aware of the matter said.

The internal milestones for the firm included recording over 10 million transactions a month in the beta phase and top 100 million a month. “With that (achieving beta target) done in the middle of last year, the company kickstarted launching products and now is in the final leg of closing the new funding,” another person aware of the matter said.

Flipkart did not respond to ET’s email seeking comment, while Sikaria declined to comment.

Flipkart had set up Super.money as a separate entity from the start and funded it with around $15-20 million 2023. “So, money was required for this year now that there is a product market fit and clear plan in terms of what all Super.money can do in the coming years,” the person said.Last year, it launched its credit-first UPI application to the public and followed it up with products like fixed deposits and instant lending. The company is expected to launch more products this year. It has partnered banks to launch co-branded RuPay credit cards as well.

In December, it hired Kaushik Mukherjee as its new chief technology officer.

Super.money is among the top five-six apps based on monthly UPI transaction volumes where PhonePe and Google Pay are the leaders. NPCI, which manages UPI, on December 31 extended the much-debated 30% market cap on UPI apps by another two years to December 2026.