SBI Cards and Payment Services Limited has informed the Exchange regarding a press release dated August 26, 2025, titled "SBI Card and Flipkart Form Strategic Alliance; Launch Flipkart SBI Co-Branded Credit Card".
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SBI Card, India's largest pure-play credit card issuer with over 21 million cards in force, has partnered with Flipkart to launch the 'Flipkart SBI Credit Card'. The co-branded card offers 7.5% cashback on Myntra, 5% cashback on Flipkart, Shopsy and Cleartrip, 4% on Zomato, Uber, Netmeds and PVR, and 1% on all other spends. The card carries a joining/annual fee of around Rs 500 plus taxes, with welcome benefits worth approximately Rs 1,250 and fee reversal on Rs 3.5 lakh annual spends. Customers can apply digitally via the Flipkart App or SBI Card website, with the card available on Mastercard and Visa platforms. The launch was attended by SBI Chairman Challa Sreenivasulu Setty and SBI MD Ashwini Kumar Tewari, highlighting its strategic importance.
This partnership expands SBI Card's distribution reach by tapping into Flipkart's 500 million+ user base, potentially accelerating card acquisition growth and strengthening its position in the co-branded card segment. For shareholders, it signals a meaningful new growth avenue leveraging e-commerce spends, though the actual financial impact will depend on card uptake and customer activation over the coming quarters.