super.money Spent ₹341 Crore on Marketing to Earn ₹292 Crore
Startups / news
super.money Spent ₹341 Crore on Marketing to Earn ₹292 Crore
The Flipkart-backed UPI app's FY26 filing shows revenue tripling while the loss widened to ₹263.8 crore, and 85 percent of revenue came from a loan marketplace rather than payments.
super.money, the UPI payments app Flipkart launched in 2024, spent ₹341 crore on business promotion in FY26 against operating revenue of ₹292.4 crore, according to financial statements reported by Inc42 on Oct. 24. Net loss widened 78.5 percent to ₹263.8 crore.
Revenue more than tripled from ₹88.8 crore in FY25. The loss is the number that moved with it: spending rose faster than sales, and the company has not said when that reverses.
What the ₹292.4 crore is made of
The payments app is not where the money came from. MediaNama's reading of the filing puts loan marketplace revenue at ₹247.8 crore, about 85 percent of the total, with ₹44.6 crore from other operating lines. In other words, super.money earned its revenue mainly by referring borrowers to lenders, not by processing payments.
| Line | FY26 | FY25 |
|---|---|---|
| Operating revenue | ₹292.4 crore | ₹88.8 crore |
| Business promotion | ₹341 crore | ₹101.3 crore |
| Employee benefits | ₹138.1 crore | ₹79.5 crore |
| Net loss | ₹263.8 crore | ₹147.8 crore |
Employee costs of ₹138.1 crore include ₹36.8 crore of stock-option expense, per MediaNama. Marketplace charges fell to ₹15.6 crore from ₹43.5 crore. Total expenses reached ₹557.1 crore, up 130 percent from ₹241.8 crore.
What the spending bought
NPCI's September 2026 data, as tabulated by MediaNama, lists super.money fifth by volume with 405.1 million transactions. PhonePe handled 10.91 billion and Google Pay 7.71 billion; together they hold 77.8 percent of listed-app volume. Dividing 405.1 million by the 23.93 billion listed-app denominator gives roughly 1.7 percent, a calculation of ours, not an NPCI figure.
- PhonePe11K million
- Google Pay7710 million
- Paytm1940 million
- Navi1140 million
- super.money405.1 million
Source: NPCI data as tabulated by MediaNama, accessed 2026-10-24
Set against comparables of the same shape, a fifth-place app with a small payments share and a loan-referral revenue base is a distribution business with a UPI front end. Whether ₹341 crore a year is a price worth paying for that depends on how much of the loan revenue repeats, and the filing does not split new borrowers from returning ones.
Who is behind it
Prakash Sikaria, the founder and chief executive, previously ran Flipkart's ads business, Shopsy and Cleartrip as a senior vice president, per Inc42. Neither article names outside investors in super.money, and the funding table on the Inc42 page is empty. It sits inside Flipkart Group, which reported a consolidated FY26 net loss of ₹8,468 crore on operating revenue of ₹1.45 lakh crore, a context for how the app's losses are funded.
The next test is the October NPCI release, which will show whether the 400 million monthly transactions held through five straight months survive a quieter spending quarter. For related Indian startup numbers, see our look at why weekly funding totals disagree and the Zetwerk listing.
Sources
More in Startups
- 01Myntra Swings to a ₹582 Crore Loss as Logistics Revenue HalvesThe Flipkart fashion arm's FY26 filing shows operating revenue down 13.5 percent, with logistics income falling from ₹2,390.5 crore to ₹1,119.2 crore while advertising income rose 35 percent.
- 02Laminar Launches flow-1 to Read Every Agent Trace for ErrorsThe London YC S24 company says its small open model catches agent failures at about one twenty-third of a frontier model's cost, but publishes no benchmark and no pricing.
- 03Eka Robotics Sold About 10 Percent for $150 Million at $1.45 BillionThe MIT-linked startup's Series A, led by Andreessen Horowitz and F-Prime, prices a grasping model whose 1,500-picks-an-hour claim has no named customer behind it yet.
- 04Warhound Raises $200 Million at a Reported $1.2 Billion to Clone Gene-Edited Military Dogs It Has Not Yet BredThe Colossal and Anduril-linked startup has an In-Q-Tel cheque and no litter, no price list and no named lead investor.