Fintech entry cleared: Flipkart gets RBI nod for lending licence; plans for NBFC rollout still under wraps
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has received a lending licence from the Reserve Bank of India, paving the way for direct financing to customers, though the ecommerce firm is yet to disclose operational details.
The Walmart-backed company confirmed on Thursday that it had secured a Non-Banking Financial Company (NBFC) licence from the RBI, with sources indicating the approval came in March, PTI reported.
While Flipkart acknowledged the development, it did not offer details on how or when the NBFC arm would be operationalised. According to sources, the licence could enable the company to offer credit services such as EMIs or instalment-based financing directly to consumers on its platform.
However, specifics of product rollout remain unconfirmed.
Walmart currently owns over 80% of Flipkart, having acquired a majority stake in the company in 2018.
The development comes shortly after Flipkart, which is preparing for a public listing, announced in April that it plans to shift its holding company from Singapore to India. The move, Flipkart said, aligns its structure with core Indian operations and reflects long-term commitment to the domestic market.
"We are inspired by the Government of India's strong vision and proactive initiatives in fostering a thriving business environment and ease of doing business, which have significantly shaped our journey," a Flipkart spokesperson said in April. "This move represents a natural evolution, aligning our holding structure with our core operations, the vast potential of the Indian economy and our technology and innovation-driven capabilities to foster digital transformation in India.
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