Walmart-backed Flipkart India has invested $30m in Supermoney, its fintech division, aiming to include offerings such as lending and stock broking services, reported Bloomberg.  

The investment in Supermoney follows an earlier capital injection of $20m from Flipkart at the time of the fintech unit’s spinoff.  

Supermoney, led by CEO Prakash Sikaria, is seeking to engage with external investors to support its growth plans. 

Since its inception, Supermoney is currently ranked as the fifth-largest UPI application, with approximately 257 million monthly transactions, the report added citing figures from the National Payments Corporation of India. 

The fintech unit has expanded its product line with the launch of a co-branded credit card and is planning to offer personal loans and wealth management services.  

Flipkart representatives were not available for comment. 

Supermoney has already facilitated the disbursement of over $700m in loans through its lending partners and is targeting to achieve profitability by the end of the current year, the news publication noted.  

Additionally, the company is developing a stock trading platform for retail investors in India. 

Supermoney product range includes superUPI, superCard, superDeposit, and superCash.  

In April this year, another e-commerce giant Amazon invested in its digital payments division, Amazon Pay India.  

The Economic Times reported that Amazon infused Rs3.5bn ($40m) into the service, allocating 35 million equity shares to its parent companies.  

This move is part of a series of investments by Amazon, including a Rs3bn ($35.14m) investment in November 2024 and Rs6bn ($70.3m) in June 2024. 

In February last year, Amazon Pay India obtained a payment aggregator licence from the Reserve Bank of India, adding to its previously acquired prepaid payments instrument licence.