India’s free digital funds revolution has upended how cash strikes — however not how fintechs make it. Now, Flipkart’s fintech arm Tremendous.cash is partnering with one among India’s prime industrial banks, Kotak Mahindra Financial institution, to vary that, bundling UPI funds, financial savings, and secured credit score right into a single account geared toward turning utilization into revenue.
The partnership goals to subject about 2 million secured bank cards within the subsequent 12 months — roughly 60 p.c to first-time debtors — and 5 million inside 2 years. Tremendous.cash, which already serves 10 million energetic customers, expects the Kotak alliance to contribute round 10 p.c of its income subsequent 12 months as it really works towards profitability by 2026, chief govt Prakash Sikaria stated in an interview.
India’s Unified Funds Interface (UPI), backed by the Indian authorities, has made instantaneous financial institution transfers free and ubiquitous, processing more than 19 billion transactions a month. That success, although, has left little room for fintechs to revenue, since regulators, together with the Indian finance ministry, do not allow the merchant fees that usually fund rewards and credit score applications. Tremendous.cash’s guess — utilizing a secured card and financial savings account to reintroduce incentives — affords a template for constructing viable enterprise fashions atop no-fee fee programs.
“We do UPI to not clear up the pure fee use case,” Sikaria informed TechCrunch. “We do UPI to construct an attention-grabbing cross-financial companies play the place we’re buying and retaining clients with the UPI.”
Launched in June 2024 as Walmart-owned Flipkart’s newest fintech enterprise after spinning off PhonePe in 2023, Tremendous.cash is already producing about $3 million in month-to-month income, with an annualized run charge of roughly $36 million, the manager stated.
The fintech app has emerged as one among India’s prime 5 UPI platforms in current months, processing greater than 200 million transactions a month for 4 straight months via August, per the Nationwide Funds Company of India, the federal physique that manages the system.
Round 80% of Tremendous.cash’s income comes from private loans, 10% from bank cards, and the remaining 10% from fee merchandise akin to invoice funds and recharges. The fintech says it retains roughly 85% of customers, with 60–70% of its transactions coming from clients below 30.
Techcrunch occasion
San Francisco
|
October 27-29, 2025
Sikaria famous that Tremendous.cash’s enterprise mannequin rests on two monetization engines. “The primary is the financial-services engine — private loans, playing cards, deposits, and related merchandise — and the second is commerce,” he stated. “Our thought is to carry a Klarna-style’ pay-in-three’ mannequin on prime of commerce, making a monetary overlay that lets clients purchase now and pay later inside the Tremendous.cash ecosystem.”
The partnership with Kotak Mahindra Financial institution, India’s fourth-largest lender by market capitalization, offers Tremendous.cash entry to a big, regulated banking infrastructure. It follows an earlier tie-up with Utkarsh Small Finance Financial institution to particularly provide secured playing cards via its platform, marking the fintech’s transfer into mainstream retail banking.
The collaboration introduces what the businesses name a “3 in 1 Tremendous Account,” combining a financial savings account, UPI funds, and a fixed-deposit-backed secured bank card geared toward increasing credit score entry for first-time debtors.
To open a 3-in-1 Tremendous Account, customers have to make a hard and fast deposit of no less than ₹1,000 (about $11). The account earns curiosity on the deposit and affords a cashback on each transaction. It additionally features a UPI-on-credit function — a credit score line backed by the deposit that doesn’t require any revenue proof.
Sikaria informed TechCrunch that secured playing cards have been chosen because the anchor product as a result of they match inside India’s zero-fee UPI system whereas nonetheless permitting the rewards and cashbacks that the platform was by no means designed to help.
“Our focus is to herald customers who’ve the next propensity to interact with our merchandise,” he stated. “UPI occurs to be the core engagement and acquisition hook, however for individuals who don’t need to interact in monetary companies or different merchandise that we launched, we don’t need to serve them from a UPI or fee perspective.”
The partnership with Kotak Mahindra Financial institution comes quickly after Tremendous.cash teamed up with SoftBank-backed Juspay to launch a one-click checkout expertise for on-line retailers, aimed primarily at direct-to-consumer manufacturers.
About 1,000 retailers already use the answer, and Tremendous.cash plans to develop that community via partnerships with extra D2C gamers and different corporations inside the Flipkart group, Sikaria stated.
The secured card earns service provider low cost income on transactions, and that funds the cashback, Sikaria stated. “Clearly, there’s a commonplace acquisition charge to the associate financial institution that we cost to the financial institution, in order that comes as a monetization for us as properly,” he added.
Tremendous.cash plans to subject about 200,000 secured playing cards a month below its partnership with Kotak earlier than increasing to different banks, Sikaria stated.
To date, Flipkart has invested about $50 million in Tremendous.cash to kick off its operations. Because the enterprise scales, the fintech plans to boost extra capital — probably from exterior traders as properly.
“We’d like extra capital for no less than a few years,” Sikaria stated. “Very quickly, we’ll begin formulating our capital-raise technique.”
He declined to say whether or not the following spherical would come from Flipkart or outdoors traders however famous that Tremendous.cash is receiving inbound curiosity from “plenty of traders.”
Within the meantime, Sikaria stated the corporate is maintaining its money burn low, describing its present month-to-month burn as a “low single-digit million quantity” with out offering specifics.
He added that Tremendous.cash is intentionally specializing in India’s prime 10 to 30 million customers, relatively than competing with mass-market fee gamers akin to Google Pay or PhonePe that focus on lots of of thousands and thousands.
“What we need to do is construct a formidable secured card franchise with a worthwhile P&L — for us, the financial institution, and our clients as properly,” Sikaria stated.
