Flipkart gets RBI approval for direct lending
Ecommerce firm Flipkart has secured non-bank financial company (NBFC) licence from the Reserve Bank of India. This will enable the company to offer loans directly to consumers and sellers on its platform.
The licence has been granted to Flipkart Finance Private Limited. Also, it is said that this is the first time a major ecommerce company has received NBFC status. Walmart-owned Flipkart had applied for the licence in 2022 and it is said that the company might start its lending operation soon.
It is reported that the ecommerce giant will be lending directly to its customers on its platform. Last month, in the townhall 'Flipster Connect', CEO Kalyan Krishnamurthy had said that the company will be hiring 5,000 employees and that a majority of these hires will be working at Flipkart Minutes, which is the firm's quick commerce arm and Super.money, its fintech platform.
Krishnamurthy also spoke about the flip back of the company and said that he was confident that they will continue to focus on profitability with a renewed emphasis on customer centricity.
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