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 going through pushback from main fee corporations 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 expertise 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 prospects and construct visibility amongst D2C manufacturers — increasing its presence past Flipkart’s current person 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 identification 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 various 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, individuals conversant in the matter informed TechCrunch.
JusPay was as soon as a most well-liked backend associate for fee aggregators, serving to them cut back transaction failures by means of its fee routing platform. The corporate counts Amazon as a long-standing shopper and acquired a fee aggregator license from the Reserve Financial institution of India final yr. However as competitors intensifies in India’s digital funds area, 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 choice to associate with JusPay runs counter to a broader pattern of fee gamers constructing and controlling their very own infrastructure. However for a younger fintech nonetheless increasing its attain past Flipkart, the transfer gives 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 means of its platform.
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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 certainly one of India’s high 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 thirty days for 4 consecutive months by means of 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 giant 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 big feat for a newly launched app.
Tremendous.cash has additionally turn out to be a high issuer of secured bank cards in India, holding a ten% market share, in keeping with business insights shared with TechCrunch by an individual conversant in the information. These playing cards require prospects to place down a deposit and are presently issued in partnership with Utkarsh Small Finance Financial institution. The corporate is trying to develop the enterprise and is in talks with a personal 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 particular person 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 saved its burn price low by counting on Flipkart’s distribution reasonably than heavy advertising. The corporate additionally operates with a lean staff of round 130 to 150 individuals to serve its person 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 below Walmart’s broader umbrella. Tremendous.cash, in contrast, stays tightly built-in with Flipkart and seems targeted on monetizing monetary companies 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 progress, advertising, advertisements, and new initiatives, and who additionally based Shopsy. Sikaria additionally helped Flipkart purchase on-line journey firm Cleartrip and led merchandise together with 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 lift the spherical at round $1 billion valuation someday subsequent yr, sources informed TechCrunch.
Tremendous.cash is presently on monitor 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 progress in its secured bank card enterprise and private lending, in addition to by means of strikes together with the just lately launched D2C checkout product.
That stated, Tremendous.cash is presently 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 capability to transform UPI scale into sustainable income, particularly by means of lending and checkout infrastructure, will decide whether or not it may well turn out to be Flipkart’s second main fintech success — or face the identical ecosystem strain presently weighing on its associate, JusPay.
Flipkart, Sikaria, and Juspay co-founder and CEO Vimal Kumar didn’t reply to requests for remark.
