Walmart-owned Flipkart's payments and financial services platform Super.money more than tripled its operating revenue to ₹292.4 crore in FY26, becoming one of India's top five UPI apps — a rare growth story in startup funding in India this year. But the growth came at a steep cost: net loss widened 78% to ₹263.8 crore in the year ended March 2026, filings with the Ministry of Corporate Affairs showed, as reported by ETtech on October 19, 2026.
Credit marketplace drove the growth
The credit marketplace did the heavy lifting, contributing ₹248 crore — nearly 85% of operating revenue — as Super.money connected merchant-platform customers with banks and NBFCs for loans. Total income rose to ₹293.3 crore from ₹94 crore in FY25. Expenses, however, more than doubled to ₹557.1 crore, led by business-promotion spending of ₹341 crore — about 61% of total expenditure and more than the company's entire operating revenue. Employee benefit expenses rose 75% to ₹139 crore.
On a unit-economics level, Super.money spent ₹1.91 to earn every rupee in FY26, and its EBITDA margin stood at -85.43%. As of March 2026, it held ₹63 crore in cash and bank balances out of ₹136 crore in current assets. Per NPCI data, it processed 405.14 million transactions worth ₹19,613.29 crore in September, holding 1.68% of UPI volume. Founder and CEO Prakash Sikaria has said the company treats UPI as an acquisition and engagement layer, then builds commerce and credit use cases on top — and a 0.4% MDR on select UPI payments above ₹2,000, now pushed beyond Diwali, could ease the revenue pressure from FY27.
Why it matters for founders
Super.money's FY26 is the textbook fintech-in-India story: revenue can triple on the back of credit distribution, but customer acquisition on UPI remains brutally expensive. The open question — whether the MDR cushion and a maturing loan book can flip the burn curve — is one every payments founder should watch. Growth without monetisation has a visible price: ₹1.91 spent for every rupee earned.