Flipkart-Backed Super.Money Expects Split-Store To Contribute 20% In Total Biz By Dec: CEO Sikaria

Flipkart-backed Scapic Innovations, which operates under the super.money brand, expects its newly launched credit-linked e-commerce platform splitStore to contribute 20% to total revenue by December, a top official of the company said.

Scapic has rolled out a credit-linked e-commerce platform, splitStore, to capitalise on Gen Z buying behaviour.

"We want splitStore to contribute up to 20% of platform revenue by December. Overall, lending today is 85-90% of our revenue. We want that down to 60%, with payments and commerce contributing 20% each. Beyond the numbers, we want super.money to be seen as India's best affordability platform, and to extend splitStore across partner brands and categories over time," super.money, Founder and CEO, Prakash Sikaria told PTI.

On splitStore, super.money customers can browse a full catalogue, split the payment across multiple installments at zero interest and zero fees, and have the product delivered before payment completion.

The product catalogue has categories such as mobiles, fashion, electronics, appliances, beauty, fitness, gourmet food, home and furniture. Brands such as Apple, Nothing, Mokobara, Nike, Marshall, Adidas and Snitch are available with 60 lakh products and are supported by Flipkart's delivery infrastructure.

Sikaria said that UPI transformed how India pays and the next opportunity is transforming the way in which India shops.

"Consumers today don't just want instant payments, they want instant access. Many young, new-to-credit users don't have a credit score or a credit card. So we built splitStore as a closed-loop, purchase-tied credit product with just a small down payment, followed by three instalments. No interest and no hidden charges at all. It lets first-time users build a repayment track record safely and graduate to bigger credit products over time," he said.

Sikaria said at present buy now pay later service or EMI products give an open-loop limit usable across merchants while splitStore is closed-loop which means credit is tied to a specific purchase from catalogue on the platform, with a down payment upfront and repayment in three instalments.

"There's no revolving line to overdraw, no hidden fees, no late-fee profit motive. That structure cuts risk significantly, which is what lets us serve new-to-credit users safely," he said.

New users on the platform will need to go through the KYC verification process before they start shopping with access to a credit facility.