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 cost 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 discovered that Juspay is powering the funds infrastructure for Tremendous.cash’s newest providing.
The transfer may assist Tremendous.cash attain new clients and construct visibility amongst D2C manufacturers — increasing its presence past Flipkart’s present consumer base and making the model extra acquainted to web shoppers. Whereas Tremendous.cash already advantages from Flipkart’s distribution, the checkout product indicators an effort to determine 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 cost gateways, together with Razorpay and Cashfree Funds, moved away from JusPay in January, urging retailers to undertake their in-house cost 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 associate for cost aggregators, serving to them scale back transaction failures via its cost routing platform. The corporate counts Amazon as a long-standing consumer and acquired a cost 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 determination to associate with JusPay runs counter to a broader pattern of cost gamers constructing and controlling their very own infrastructure. However for a younger fintech nonetheless increasing its attain past Flipkart, the transfer affords 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 enhance funds via its platform.
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Launched as a cost app in June 2024, greater than a yr after Flipkart formally separated from PhonePe, Tremendous.cash has since turn out to be considered one of India’s prime 5 UPI (Unified Funds Interface) apps by transaction quantity. UPI is the India’s government-backed on the spot cost system. The app processed over 200 million transactions monthly for 4 consecutive months via August, per knowledge from the Nationwide Funds Company of India, the federal physique that manages the UPI system.
In latest months, Tremendous.cash has surpassed giant 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 trade insights shared with TechCrunch by an individual accustomed to the information. These playing cards require clients 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.
Up to now, 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 akin to bank cards and client loans.
In contrast to many different UPI-focused fintechs, Tremendous.cash has saved its burn price low by counting on Flipkart’s distribution reasonably than heavy advertising and marketing. The corporate additionally operates with a lean workforce of round 130 to 150 folks 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, in contrast, stays tightly built-in with Flipkart and seems targeted on monetizing monetary providers straight inside — and past — the e-commerce ecosystem.
Up to now, 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 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 presently 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 via strikes together with the lately launched D2C checkout product.
That mentioned, Tremendous.cash is presently in its early levels of monetization, and can doubtless 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 via lending and checkout infrastructure, will decide whether or not it may possibly 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.
