Flipkart-Backed super.money Buys BharatX To Expand Credit Offerings

SUMMARY

The company did not disclose the financial terms of the transaction but said that it was an all-cash deal

Following the acquisition, BharatX’s core team will work closely with super.money, integrating their expertise and technology to further scale up the super app’s offerings in credit on UPI

As per NPCI’s monthly numbers for November last year, super.money emerged as the seventh largest player in the UPI ecosystem

Flipkart-backed super.money has bought buy-now-pay-later (BNPL) fintech startup BharatX to strengthen its credit offerings, particularly in the checkout financing space.

Although the company did not disclose the financial terms of the transaction but said that it was an all-cash deal.

Following the acquisition, BharatX’s core team will work closely with super.money, integrating their expertise and technology to further scale up the super app’s offerings in credit on UPI.

super.money said in a statement that the acquisition also aligns with its commitment to boost financial inclusion by providing seamless, flexible and documentation-free credit solutions.

Founded in 2019 by Mehul Nath Jindal, Eeshan Sharma and Shyam Murugan, BharatX enables embedded credit on consumer facing platforms with zero risks to the platforms and easy integration.

As per the National Payments Corporation of India’s (NPCI’s) monthly numbers for November last year, super.money emerged as the seventh largest player in the UPI ecosystem as it facilitated 78.49 Mn transactions worth INR 3,130.10 Cr in the preceding month.

Founded and led by Prakash Sikaria, super.money was launched in beta mode in June last year, which witnessed an impressive growth of marking 10 Mn UPI transactions and more than 1 Mn app downloads. The platform offers superUPI, superCards (secured and unsecured), superCash (secured and unsecured credit lines) and superDeposits (FDs) to its users.

“At super.money, we see credit-on-UPI as a game-changer for financial access in India. By leveraging BharatX’s platform, we are developing unique credit-on-UPI products that align with our shared vision of financial inclusion, empowering millions to transact with ease,” Sikaria, chief executive and founder of super.money said.

The development comes at a time when the platform is planning to expand its portfolio with additional offerings in personal loans and unsecured credit products.

Meanwhile, reports from earlier this year revealed that ecommerce major Flipkart engaged in talks to lead a $35-40 Mn funding in super.money, with participation from external investors as well.