Walmart-backed Flipkart has committed $30 million to its fintech arm, Supermoney, as part of a broader plan to strengthen its presence in digital finance, the Bloomberg reported.

The move comes a year after Flipkart spun off the venture with an initial $20 million investment.

Led by CEO Prakash Sikaria, Supermoney has become India’s fifth-largest UPI app with about 257 million monthly transactions, as per National Payments Corporation of India (NPCI) data.

The company has so far facilitated more than $700 million in lending through partners.

Earlier in July, Supermoney said it is entering the stock broking space as part of its broader strategy of becoming a full-stack financial services platform.

Earlier this year, Supermoney acquired checkout financing platform BharatX.

Meanwhile, Flipkart recently received a non-banking finance company (NBFC) licence from The Reserve Bank of India (RBI). The licence will allow the e-commerce major to offer loans directly to customers from its own books.