Super.money, Supported by Flipkart, Acquires BharatX to Enhance its Credit Offerings

Nitin Konde, Varun Bhardwaj

25 Feb 2025 — 2 min read

Super.money Acquires BharatX to Expand Credit Solutions

Flipkart Group's UPI application, super.money, has purchased BharatX, a checkout financing platform supported by Y Combinator, for an unknown sum to enhance its current services, particularly in Buy Now Pay Later (BNPL). Checkout financing enables users to purchase things online in installments during the checkout process.

In conjunction with the transaction, the principal team of BharatX will collaborate with super.money to enhance its services in the credit-on-UPI sector. Prakash Sikaria, CEO and founder of super.money, stated that the company regards credit-on-UPI as a transformative development for financial accessibility in India. By utilising BharatX’s platform, the organisation is creating distinctive credit-on-UPI solutions that correspond with its collective mission of financial inclusion, enabling millions to interact effortlessly.

About BharatX

BharatX, established in 2019 and located in Bengaluru, has partnerships with over 200 businesses for checkout financing alternatives via four financial partners, according to the company's website. The startup secured $4.74 million through two fundraising rounds from investors including Y Combinator, Multiply Ventures, Soma Capital, Java Capital, and 8i Ventures.

Mehul Jindal, Founder of BharatX, stated that during the past four years, beginning in college, BharatX has successfully extended credit to hundreds of thousands of people in India profitably, without requiring documentation or a credit score. Through this acquisition, the brand will elevate its offering by leveraging the broader distribution network of super.money.

Super.money's Operations

Launched in July 2024, super.money ascended to become the sixth largest payments entity by November, surpassing Amazon Pay and WhatsApp Pay. In January, the firm reported a 24% month-on-month increase, enabling approximately 125 million transactions, according to data from the National Payments Corporation of India (NPCI), which manages UPI.

The company introduced fixed deposits in November in collaboration with four small finance banks and is poised to launch credit products, including credit cards and personal loans, in the forthcoming months. The acquisition occurs as Super.money engages in advanced negotiations for a funding round between $35-40 million, spearheaded by Flipkart, with more external investors expected to join, according to a media report.

Not a Full Acquisition Deal

Sikaria stated that this agreement does not entail a complete acquisition of BharatX due to its current credit-related obligations. Super.money has purchased the technology, intellectual property (IP), and personnel, while BharatX will continue to function temporarily to oversee the current 12- to 18-month loan cycles before concluding its operations. Sikaria stated that Super.money intends to introduce several checkout financing solutions, utilising BharatX’s loan management, collection management, and risk underwriting technologies.

Two products under development are BNPL 'Khata'-style credit, allowing customers to make purchases throughout the month and settle payments at the end, and the 'Paying Free' installment plan, wherein users pay one-third of the total at the time of purchase, followed by equal payments in 30 and 60 days. The items are aimed at youthful people seeking to enhance their smartphones, fashion, and vacation experiences.