Flipkart-backed payments and credit platform super.money more than tripled its operating revenue in FY26, but the scale-up came with a sharply wider loss as the company spent heavily on marketing to win users in India’s crowded UPI market.
According to its annual financial statements filed with the Ministry of Corporate Affairs, super.money’s revenue from operations rose to ₹292.4 crore in the year ended March 2026, from ₹88.8 crore in FY25. Net loss widened about 78% to ₹263.8 crore, from ₹147.8 crore a year earlier.
Credit, not payments, pays the bills
The filings show that super.money’s revenue engine is its loan marketplace rather than UPI itself. Loan facilitation, under which the platform connects borrowers with partner banks and non-banking financial companies (NBFCs), brought in ₹247.8 crore, or nearly 85% of operating revenue. Other operating revenue stood at ₹44.6 crore.
The mix reflects a familiar model in Indian consumer fintech: UPI payments, which carry little or no direct fee for consumers, are used to build a large and engaged user base, while monetisation comes from credit, deposits, cards and commerce layered on top. Besides loans, super.money lets users book fixed deposits and offers co-branded credit cards with bank partners. Its acquisition of BharatX last year added checkout financing products such as buy now, pay later and consumer durable loans, as well as credit on UPI.
Marketing outspent revenue
Total expenses climbed about 130% to ₹557.1 crore in FY26 from ₹241.8 crore. Business promotion was the largest line item at ₹341 crore, more than three times the ₹101.3 crore spent a year earlier and higher than the company’s entire operating revenue for the year. Employee benefit expenses rose about 74% to ₹138.1 crore, including ₹36.8 crore in ESOP costs, while finance costs rose to ₹11.1 crore from almost nil. Marketplace charges were cut to ₹15.6 crore from ₹43.5 crore.
On these figures, the company spent roughly ₹1.91 for every rupee of operating revenue during the year, according to an analysis by Entrackr.
Fifth-largest UPI app
Launched by Flipkart in 2024 and led by founder and CEO Prakash Sikaria, a former Flipkart senior vice president, super.money has quickly moved into the top tier of UPI apps. NPCI data show it processed about 405 million UPI transactions worth around ₹19,613 crore in September 2026, making it the fifth-largest UPI app by volume with roughly 1.7% of transactions.
The company has also moved into commerce with splitStore, an in-app marketplace that offers zero-interest instalments with deliveries handled by Flipkart’s logistics network, and in September appointed former BharatPe chief product officer Rohan Khara as its chief product officer.
What it means for fintech
super.money’s numbers underline both the opportunity and the cost of building a payments-led financial services business at scale. With UPI dominated by a few large players, newer apps must spend heavily to acquire users, and then convert that reach into credit and other paid products. The next test for super.money will be whether its loan marketplace and commerce bets can improve unit economics fast enough to narrow losses, particularly as lenders and regulators keep a close watch on unsecured and digitally sourced consumer credit.
Sources: Company financial statements filed with the Ministry of Corporate Affairs, as reported by Entrackr (19 October 2026), MediaNama (23 October 2026) and Inc42 (24 October 2026); NPCI data.
