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Flipkart-backed super.money spent ₹341 crore on business promotion—described in coverage as marketing and cashback—in the financial year ended March 2026. That was more than its ₹292.4 crore operating revenue. Revenue nevertheless more than tripled from ₹88.8 crore, while the company reported a ₹263.8 crore net loss, up from ₹147.8 crore a year earlier. The figures show a fast-growing payments distribution business that is still buying scale and relying heavily on lending-related income to move toward monetisation.
What do super.money’s FY26 numbers show?
Financial statements filed with India’s Ministry of Corporate Affairs, as reported by Inc42 and Economic Times in 2026, put operating revenue at ₹292.4 crore for FY26, compared with ₹88.8 crore in FY25. Including ₹0.9 crore of other income, total income was ₹293.3 crore.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteTotal expenses climbed 130%, from ₹241.8 crore to ₹557.1 crore. Net loss widened about 78% to ₹263.8 crore from ₹147.8 crore. The business-promotion line alone rose from roughly ₹101–102 crore to ₹341 crore, an increase of about 3.3 times, and represented approximately 61% of total expenses.
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Operating revenue | ₹88.8 crore | ₹292.4 crore | More than tripled |
| Business promotion | About ₹101–102 crore | ₹341 crore | About 3.3× |
| Total expenses | ₹241.8 crore | ₹557.1 crore | Up 130% |
| Net loss | ₹147.8 crore | ₹263.8 crore | Up about 78% |
The simplest comparison is stark: super.money spent about ₹1.17 on business promotion for every ₹1 of operating revenue in FY26. That comparison is not a customer-acquisition-cost measure; the filing does not disclose payback by user, cohort or transaction.
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Why did marketing exceed revenue?
super.money launched in 2024 as a Flipkart-backed financial-services platform. Its strategy is to use UPI payments to acquire frequent users, then introduce products that can generate revenue. Cashback and other promotional incentives can accelerate transaction growth, but they are recorded as an expense before the resulting users mature into lending, card or deposit revenue.
Founder and chief executive Prakash Sikaria described the strategic shift in an Entrackr interview dated 30 August 2025: “UPI 1.0 solved for trust; UPI 2.0 is about financial products and experiences.” In that model, payment volume is the distribution layer rather than the primary source of earnings.
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Loan facilitation generated ₹247.8 crore in FY26, or about 84.7% of operating revenue, according to figures reported by Elets BFSI and Inc42. That concentration means the company’s revenue growth is currently tied far more to credit distribution than to UPI payment fees.
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- Loan facilitation: ₹247.8 crore in FY26, the dominant reported revenue stream.
- UPI payments: A high-frequency distribution and engagement channel; the filings do not establish that transaction volume itself produced equivalent revenue.
- Other products: Fixed-deposit booking, co-branded cards and checkout-financing products were also reported, but separate FY26 revenue amounts were not stated.
Because lending supplies most revenue, future results will depend on whether super.money can convert payment users into credit customers while maintaining loan quality and compliant partner operations. The FY26 figures do not disclose customer-level retention, contribution margin or lifetime value.
How large is super.money in UPI?
NPCI data cited by Inc42, Elets BFSI and StartupFeed show approximately 405 million UPI transactions, worth about ₹19,613 crore, in September 2026. That placed super.money fifth by transaction volume for that month. The figures are a monthly snapshot and should not be read as annualized revenue or proof of profitability.
The scale is significant for a service launched in 2024, but transaction count and transaction value measure distribution, not monetisation. A user making many low-value payments can increase volume without generating enough income to cover incentives, support, technology and credit-acquisition costs.
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Did efficiency improve despite the larger loss?
Yes, on the company-level ratios reported by StartupFeed, although absolute losses increased. Spending per rupee of operating revenue fell from ₹2.72 in FY25 to ₹1.91 in FY26. The loss-to-revenue ratio also declined from about ₹1.66 to about ₹0.90.
These ratios indicate that revenue grew faster than the loss and reported promotional outlay. They are not unit economics: they do not show marketing cost per activated user, repayment performance, repeat borrowing, or the profitability of an individual UPI transaction.
What must improve for the model to become sustainable?
The next test is whether revenue can keep growing after promotional intensity moderates. Three indicators matter:
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- Revenue mix: whether lending remains the sole engine or cards, deposits and other products become material contributors.
- Promotion intensity: whether business-promotion expense falls as a share of revenue without causing transaction and user activity to collapse.
- Credit economics: whether facilitated loans produce durable income after partner fees, customer incentives, defaults and operating costs.
FY26 does not answer those questions. It establishes a business that expanded its distribution rapidly, spent heavily to do so and still recorded a substantial loss.
Is super.money profitable in FY26?
No. It reported a ₹263.8 crore net loss for the financial year ended March 2026.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How much did super.money’s revenue grow?
Operating revenue rose from ₹88.8 crore in FY25 to ₹292.4 crore in FY26, an increase of more than three times.
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What does “business promotion” include?
Coverage of the filings describes the ₹341 crore line as marketing and cashback spending. The published reports do not provide a more detailed component breakdown.
Frequently Asked Questions
Does a higher UPI transaction rank mean super.money is making money on every payment?
No. UPI rank measures transaction volume, while the FY26 filing shows that most reported revenue came from loan facilitation. The available figures do not state revenue or margin per UPI transaction.
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What is loan facilitation revenue?
It is income earned for helping arrange or distribute loans, generally through lending partners, rather than interest revenue from a balance sheet owned entirely by the payments app. The filing reports the amount but does not provide partner-by-partner economics.
Could super.money reduce cashback and still keep users?
That is an open operating question. FY26 disclosures do not provide retention, cohort or incentive-withdrawal data, so the effect of lower promotions cannot be inferred from the reported totals.
Why can revenue grow faster than profits in a fintech?
A fintech can add users and loan-distribution income while spending heavily on incentives, marketing, technology, staff and risk controls. If those costs rise faster than gross contribution, rapid revenue growth can coexist with a larger net loss.
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