Flipkart’s Tremendous.cash quietly companions with Juspay to increase its attain

Tremendous.cash, a monetary service platform spun off final yr by Walmart-owned Flipkart, has quietly partnered with funds infrastructure agency Juspay because it expands into direct-to-consumer (D2C) checkout and targets $100 million in annual income by 2026.

The partnership, unaccompanied by press releases or social media posts and solely talked about in a weblog put up on Breeze’s seemingly un-indexed web site, comes as Juspay works to rebuild momentum after main cost corporations earlier this yr sought to scale back how a lot they work with third-party cost orchestrators.

Final week, Tremendous.cash launched its D2C checkout product, Tremendous.cash Breeze, which guarantees retailers a one-click checkout expertise and goals to hurry up on-line purchases by eradicating one-time passwords and repeated logins. The businesses didn’t disclose any expertise companions, however TechCrunch has discovered that Juspay is powering the funds infrastructure for Tremendous.cash’s newest providing.

The transfer may assist Tremendous.cash attain new prospects and construct visibility amongst D2C manufacturers — increasing its presence past Flipkart’s current consumer base and making the model extra acquainted to internet buyers. Whereas Tremendous.cash already advantages from Flipkart’s distribution, the checkout product indicators an effort to determine a stand-alone id within the broader e-commerce ecosystem.

Juspay stands to achieve from this deal, particularly after cost gateways, together with Razorpay and Cashfree Funds, moved away from the platform in January, and urged retailers to undertake their in-house cost processing instruments as an alternative.

The fallout apparently additionally affected Juspay’s fundraising efforts: its most up-to-date spherical got here in at $60 million, down from earlier expectations of round $100 million, individuals acquainted with the matter instructed TechCrunch.

Juspay says it solely companions with retailers and gives them the back-end software program to facilitate funds, however it operates within the center layer of the funds stack, routing funds between retailers, cost aggregators and shoppers, and helps cut back transaction failures.

The corporate counts Amazon as a long-standing shopper, and even obtained a cost aggregator license from the Reserve Financial institution of India final yr. However as competitors has intensified in India’s digital funds house, gamers like Razorpay, Cashfree, and Flipkart spinoff PhonePe have begun limiting their very own reliance on third-party suppliers, opting as an alternative to domesticate their relationships with retailers.

“Our service provider operations stay totally secure and unaffected, and we wish to emphasize that we’ve got not misplaced any retailers,” Juspay mentioned in an emailed assertion. “Quite the opposite, we’ve got grown our service provider base considerably, each in India and globally. Our day by day transaction quantity has grown from 200 million in January to over 300 million in the present day, and our annualized whole cost quantity (TPV) has risen from $900 billion to $1 trillion.”

Tremendous.cash’s determination to associate with Juspay runs counter to a broader development of cost gamers constructing and controlling their very own infrastructure. However for a younger fintech nonetheless increasing its attain past Flipkart, the transfer presents a shortcut to D2C integrations with out having to construct full-stack cost capabilities from scratch. It additionally indicators Tremendous.cash’s intent to delve deeper into client transactions and improve funds by its platform.

Launched as a cost app in June 2024, greater than a yr after Flipkart formally separated from PhonePe, Tremendous.cash has since develop into one among India’s prime 5 UPI (Unified Funds Interface) apps by transaction quantity. UPI is India’s government-backed prompt cost system. The app processed over 200 million transactions monthly for 4 consecutive months by August, per information from the Nationwide Funds Company of India, the federal physique that manages the UPI system.

In latest months, Tremendous.cash has surpassed massive non-public banks like Axis Financial institution and ICICI Financial institution, in addition to fintech gamers, together with Amazon Pay and CRED, to climb the UPI rankings — a major feat for a newly launched app.

Tremendous.cash has additionally develop into a prime issuer of secured bank cards in India, holding a ten% market share, in accordance with business insights shared with TechCrunch by an individual acquainted with the info. These playing cards require prospects to place down a deposit and are at the moment issued in partnership with Utkarsh Small Finance Financial institution. The corporate is trying to increase the enterprise and is in talks with a non-public sector lender to scale distribution, a supply instructed TechCrunch.

To this point, Tremendous.cash has issued round 300,000 secured playing cards and is including roughly 50,000 new playing cards every month, the individual added.

The secured card enterprise is central to Tremendous.cash’s monetization technique, serving to it transfer customers from low-margin UPI funds into revenue-generating monetary merchandise. Whereas the corporate doesn’t cost for UPI transactions, it makes use of that quantity to onboard prospects and cross-sell higher-yield choices similar to bank cards and client loans.

Not like many different UPI-focused fintechs, Tremendous.cash has stored its burn charge low by counting on Flipkart’s distribution slightly than heavy advertising and marketing. The corporate additionally operates with a lean crew of round 130 to 150 individuals to serve its consumer base of over 80 million customers, TechCrunch has discovered.

For Flipkart, Tremendous.cash marks a renewed push into fintech after it formally spun out PhonePe in 2023. Whereas PhonePe went on to dominate India’s UPI panorama, it now operates independently beneath Walmart’s broader umbrella. Tremendous.cash, against this, stays tightly built-in with Flipkart and seems targeted on monetizing monetary companies straight inside — and past — the e-commerce ecosystem.

To this point, Flipkart has invested $50 million in Tremendous.cash to kick off its enterprise, led by Prakash Sikaria, who was beforehand Flipkart’s chief expertise officer for buyer progress, advertising and marketing, advertisements, and new initiatives, and who additionally based Shopsy. Sikaria additionally helped Flipkart purchase on-line journey firm Cleartrip and led merchandise similar to Flipkart Adverts and SuperCoins, per his LinkedIn web page.

Nevertheless, Tremendous.cash is trying to transcend Flipkart and lift an exterior spherical. The agency is already in talks with bankers and is aiming to boost the spherical at round $1 billion valuation someday subsequent yr, sources instructed TechCrunch.

Tremendous.cash is at the moment on monitor to shut 2025 with round $30 million in annual recurring income, TechCrunch discovered. The agency is aiming to greater than triple that determine in 2026, largely pushed by progress in its secured bank card enterprise and private lending, in addition to by strikes such because the lately launched D2C checkout product.

That mentioned, Tremendous.cash is at the moment in its early phases of monetization and can possible face intensifying competitors from established gamers like PhonePe, Google Pay, and Razorpay — all of whom are constructing or defending their very own funds infrastructure. Its capacity to transform UPI scale into sustainable income, particularly by lending and checkout infrastructure, will decide whether or not it may well develop into Flipkart’s second main fintech success — or face the identical ecosystem stress at the moment weighing on its associate, Juspay.

Flipkart and Sikaria didn’t reply to requests for remark.

Word: This story has been up to date to make clear the small print of the partnership’s announcement, tweak the language round Juspay’s present enterprise, and add a remark by Juspay.