What’s the story
Walmart-backed Flipkart has pumped in $30 million into its fintech subsidiary, Supermoney.
The investment is part of Flipkart’s strategy to accelerate its push into lending and stock broking.
Under CEO Prakash Sikaria’s leadership, the company is also looking to raise funds from external investors for further expansion.
Supermoney’s rapid growth and expansion plans
Launched less than a year ago, Supermoney has quickly become India’s fifth-largest Unified Payments Interface (UPI) app.
It handles around 257 million transactions per month, as per data from the National Payments Corporation of India.
The firm recently launched a co-branded credit card and plans to expand its offerings into personal loans and wealth products.
Path to profitability and potential IPO
Supermoney has already disbursed over $700 million through its lending partners.
The company is working on a simplified stock-trading platform to tap into India’s growing retail investor base.
It aims to be profitable by the end of this year, which would add to Flipkart’s overall value as it considers an initial public offering (IPO) for its core e-commerce business.