Flipkart’s Tremendous.cash quietly companions with troubled Juspay because it expands 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 comes as Juspay works to rebuild momentum after dealing with pushback from main fee firms earlier this yr — a dispute that sophisticated its fundraising efforts.

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 corporate didn’t disclose any know-how companions, however TechCrunch has realized that Juspay is powering the funds infrastructure for Tremendous.cash’s newest providing.

The transfer might assist Tremendous.cash attain new clients 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 alerts an effort to ascertain a standalone id within the broader e-commerce ecosystem.

The partnership is much more important for JusPay, which has been working to regain floor with Indian retailers. The SoftBank-backed firm misplaced a variety of them after fee gateways, together with Razorpay and Cashfree Funds, moved away from JusPay in January, urging retailers to undertake their in-house fee processing instruments as an alternative. The fallout affected JusPay’s fundraising efforts, with its most up-to-date spherical coming in at $60 million, down from earlier expectations of round $100 million, folks accustomed to the matter informed TechCrunch.

JusPay was as soon as a most well-liked backend companion for fee aggregators, serving to them scale back transaction failures by its fee routing platform. The corporate counts Amazon as a long-standing consumer and acquired a fee aggregator license from the Reserve Financial institution of India final yr. However as competitors intensifies in India’s digital funds house, gamers like Razorpay, Cashfree, and Flipkart spin-off PhonePe have begun limiting their very own reliance on third-party suppliers, opting as an alternative to deepen their direct relationships with retailers.

Tremendous.cash’s resolution to companion with JusPay runs counter to a broader development of fee 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 fee capabilities from scratch. It additionally alerts Tremendous.cash’s intent to delve deeper into client transactions and improve funds by its platform.

Launched as a fee app in June 2024, greater than a yr after Flipkart formally separated from PhonePe, Tremendous.cash has since turn out to be one in all India’s prime 5 UPI (Unified Funds Interface) apps by transaction quantity. UPI is the India’s government-backed prompt fee system. The app processed over 200 million transactions per 30 days for 4 consecutive months by August, per information from the Nationwide Funds Company of India, the federal physique that manages the UPI system.

In current months, Tremendous.cash has surpassed massive personal 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 turn out to be a prime issuer of secured bank cards in India, holding a ten% market share, in keeping with business insights shared with TechCrunch by an individual accustomed to the information. These playing cards require clients to place down a deposit and are at present 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 informed TechCrunch.

Thus far, 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 clients and cross-sell higher-yield choices resembling bank cards and client loans.

Not like many different UPI-focused fintechs, Tremendous.cash has stored its burn price low by counting on Flipkart’s distribution moderately than heavy advertising. The corporate additionally operates with a lean staff of round 130 to 150 folks to serve its consumer base of over 80 million customers, TechCrunch has realized.

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 underneath Walmart’s broader umbrella. Tremendous.cash, against this, stays tightly built-in with Flipkart and seems targeted on monetizing monetary providers immediately inside — and past — the e-commerce ecosystem.

Thus far, 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 development, advertising, adverts, and new initiatives, and who additionally based Shopsy. Sikaria additionally helped Flipkart purchase on-line journey firm Cleartrip and led merchandise together with Flipkart Advertisements and Supercoins, per his LinkedIn web page.

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

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

That mentioned, Tremendous.cash is at present in its early phases of monetization, and can probably 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 skill to transform UPI scale into sustainable income, particularly by lending and checkout infrastructure, will decide whether or not it will possibly turn out to be Flipkart’s second main fintech success — or face the identical ecosystem stress at present weighing on its companion, JusPay.

Flipkart, Sikaria, and Juspay co-founder and CEO Vimal Kumar didn’t reply to requests for remark.