Published: October 25, 2026
StartupFeed Quick Take
- super.money FY26 revenue tripled to Rs 292.4 Cr from Rs 88.8 Cr, with the loan marketplace driving 84.7% of it.
- Net loss widened 78.5% to Rs 263.8 Cr as total expenses jumped 130% to Rs 557.1 Cr.
- Business promotion alone cost Rs 341 Cr, more than the company’s entire operating revenue for the year.
Flipkart-backed super.money, the Bengaluru fintech, widened its FY26 net loss to Rs 263.8 crore even as operating revenue more than tripled to Rs 292.4 crore.
Its annual filing with the Registrar of Companies shows the loss grew 78.5% from Rs 147.8 crore the year before. Revenue in FY25 was Rs 88.8 crore.
The gap sits in one line item. Business promotion cost Rs 341 crore in FY26, more than the whole year’s operating revenue. That single head was about 61% of all spending.
The three-year curve is steep. Operating revenue went from Rs 20.3 crore in FY24 to Rs 88.8 crore in FY25 to Rs 292.4 crore in FY26.
Where super.money’s revenue comes from
super.money sells UPI payments, where it ranks as India’s fifth-largest app. NPCI data shows super.money processed more than 40.51 crore UPI transactions worth Rs 19,613.3 crore in September 2026.
UPI earns the company no fee. The revenue sits on top of it. The company connects borrowers with banks and non-banking finance companies, lets users book fixed deposits, and offers a co-branded credit card with partner banks.
Lending did the heavy lifting. The loan marketplace brought in 84.7% of FY26 revenue. Counting Rs 90 lakh of other income, total income reached Rs 293.3 crore.
The payments app is the top of the funnel. The financial products are the business. The company pulls users in with a flat 5% cashback on payments, then moves them to credit. It claims about 15% of the RuPay secured credit card market.
The firm works with 12 to 15 lenders for loans and small finance banks for deposits. It has added one-click checkout for online merchants and now employs about 320 people.
super.money has long said payments are a doorway, not the destination. Prakash Sikaria, its founder and chief executive, put it plainly.
“UPI 1.0 solved for trust; UPI 2.0 is about financial products and experiences.”
Prakash Sikaria, founder and chief executive, super.money. From his interview with Entrackr.
super.money FY26 spending: where it went
Total expenses rose 130% to Rs 557.1 crore from Rs 241.8 crore. Business promotion was the biggest cost and the fastest-growing, up 3.3 times to Rs 341 crore. That head covers cashback and marketing, the fuel for super.money’s user growth.
Staff costs came next. Employee benefits rose 73.8% to Rs 138.1 crore. Finance costs jumped from Rs 0.1 crore to Rs 11.1 crore as the lending book grew.
One line fell. Marketplace charges dropped 64.2% to Rs 15.6 crore. Other operating costs, covering contracted services and communication, rose 177.2% to Rs 47.9 crore.
| Expense head | FY26 (Rs Cr) | FY25 (Rs Cr) | Change |
|---|---|---|---|
| Business promotion | 341.0 | ~102.1 | 3.3x |
| Employee benefits | 138.1 | 79.5 | +73.8% |
| Other expenses | 47.9 | 17.3 | +177.2% |
| Marketplace charges | 15.6 | 43.5 | -64.2% |
| Finance costs | 11.1 | 0.1 | Sharp rise |
| Total expenses | 557.1 | 241.8 | +130% |
Is the burn getting better or worse?
The loss is bigger, but each rupee of revenue now costs less to earn. In FY25, super.money spent Rs 2.72 for every rupee of operating revenue. In FY26 that fell to Rs 1.91.
The loss-to-revenue ratio improved too. A year ago the company lost about Rs 1.66 for every rupee of revenue. In FY26 it lost about 90 paise.
Flipkart is funding super.money’s climb. The Walmart-owned group put in $20 Mn and then $30 Mn through 2025, and the company has said it is talking to outside investors.
The company was launched by Flipkart in 2024 and runs as a separate business. It is led by Sikaria, a former Flipkart senior vice president who ran the group’s ads business, Shopsy, Cleartrip and Yantra.
The direction matters more than the headline loss. Revenue grew faster than costs. The unit economics are moving the right way, even if profit is still far off.
What this means for you: If you run a fintech chasing the UPI-to-lending model, super.money shows the real cost of buying a lending book: marketing above revenue, losses still rising. Watch whether its spend-to-revenue ratio keeps falling in FY27 before copying the playbook.
StartupFeed Insight
The loss is the easy headline, but the ratios tell the real story. super.money now loses about 90 paise per rupee of revenue, down from Rs 1.66 a year ago, and its spending per rupee of revenue fell from Rs 2.72 to Rs 1.91. That looks like a lending engine finding its footing, not a payments app bleeding out. The test for FY27 is whether the Rs 341 crore promotion bill can shrink as a share of revenue once the funnel matures. If marketing is still above revenue through March 2027, the unicorn-valuation talk gets harder to defend.
By Avinash Mishra, Business Correspondent
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