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New Indian Express
5 days ago
- Business
- New Indian Express
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 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.
New Indian Express
27-05-2025
- Business
- New Indian Express
Flipkart to hire 5,000 employees in 2025
Walmart-backed ecommerce giant Flipkart will hire at least 5,000 employees in 2025 amid AI push. According to sources, Flipkart CEO Kalyan Krishnamurthy and chief human resources officer (CHRO) Seema Nair told employees at the company's townhall 'Flipster Connect' 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 its fintech platform. They unveiled the hiring plan as an employee asked them about recruitment plans going forward considering the present market conditions and uncertainty environment. Sources also said that the CEO spoke about the ecommerce firm's strong uptick in customer growth and that the organisation is focused on Artificial Intelligence as there has been a 6X increase in investment in the AI space. He also said that Minutes is doing well and that they are targeting 800 dark stores by the end of this year.
India.com
27-05-2025
- Business
- India.com
Amid sacking across globe, this company to hire 5000 employees, not Narayana Murthy's Infosys, Mukesh Ambani's Reliance, TCS, IBM, Microsoft, Google, name is….
Amid sacking across globe, this company to hire 5000 employees, not Narayana Murthy's Infosys, Mukesh Ambani's Reliance, TCS, IBM, Microsoft, Google, name is.... What comes as good news for job seekers is that India's leading e-commerce company, Flipkart, is going on a hiring spree. It is set to hire 5,000 employees this year to support its expansion in quick commerce and financial technology, Moneycontrol reported. Not only that, the company is also investing heavily in artificial intelligence (AI). According to sources, Flipkart's Chief Human Resources Officer, Seema Nair, shared this development at Flipster Connect on May 26. The new workforce will be deployed at Flipkart Minutes and The talent push comes as the company switch into high gear. Flipkart Minutes aims to fulfil the increasing demand for ultra-fast deliveries in groceries and essentials at the same time competing with Blinkit, Zepto and Swiggy Instamart. According to Group CEO Kalyan Krishnamurthy Minutes is performing well and is a major part of the company to carve a significant slice of the hyperlocal market. Flipkart is expanding its financial services arm, by increasing its workforce in product development, technology, and business operations. This expansion is driven by rising consumer demand for credit and payment products. Employee stock options (ESOPs) may be offered liquidity, contingent upon the achievement of specific company targets. Flipkart, in preparation for an initial public offering (IPO) and a relocation of its headquarters from Singapore to India. it is imposing cost-cutting decisions as directed by its board. This includes a major reduction in its monthly cash burn, aiming to decrease it from USD 40 million to USD 20 million, and an annual target of USD 250 million. The company faces financial pressure to achieve these targets. Despite these hurdles, Flipkart is going all in for growth, targeting 30 percent growth in customer and order volumes by June. The e-commerce company is investing heavily in AI with a six-fold increase to future-proof its offerings and improve customer experience. Flipkart's hiring comes amid internal leadership churn and focus on the company's profitability. Flipkart is preparing for its initial public offering (IPO) by focusing on operational efficiency, customer-focused innovation, and employee development. This strategy aims to balance rapid growth with cost management.
Time of India
25-04-2025
- Business
- Time of India
Amazon infuses Rs 350 crore into India payments business amid growing competition
US ecommerce giant Amazon has infused Rs 350 crore into Amazon Pay India , as the fintech arm looks to step up its game against leading payment companies such as PhonePe and Google Pay. Amazon Pay India has allotted 3.5 crore equity shares to its parent entities Amazon Corporate Holdings Private Limited and through a rights issue, regulatory filings with the Registrar of Companies (RoC) showed. ET has reached out to Amazon India seeking comments. This investment follows a Rs 300 crore fundraising in November 2024 and a Rs 600 crore infusion in June 2024, reported by ET. The move comes as rival Flipkart's fintech app, is actively seeking fresh funding. On January 13, ET reported that Flipkart is in advanced talks to lead a $35-40 million funding round for which could potentially include external investors for the first time. Data from the National Payments Corporation of India (NPCI) shows that Amazon Pay was the eighth-largest Unified Payments Interface (UPI) player by transaction volume in March 2025, down from the sixth position a year earlier. It currently trails PhonePe, Google Pay, Paytm, Navi, Axis Bank, and Cred. According to the latest available NPCI data, PhonePe and Google Pay dominate the UPI space with a combined market share of nearly 85 per cent, while Amazon Pay holds a market share of approximately 0.6 per cent. In February 2024, Amazon Pay received a payment aggregator (PA) licence from regulator Reserve Bank of India. The licence bolsters Amazon's merchant payments business, providing a major growth opportunity given its strong online shopping presence in India. The PA licence followed the company's earlier approval for a prepaid payments instrument (PPI) or wallet licence. The company competes with other platforms to offer a variety of services, including bill payments, UPI transactions , and insurance premium payments. It has also formed strategic partnerships with companies such as BookMyShow, MakeMyTrip, RedBus, IRCTC, and Kuvera, expanding its services to movie and travel ticketing and wealth management. For the financial year ended March 2024, Amazon Pay India reported a 9.22 per cent increase in operating revenue to Rs 2,286 crore (from Rs 2,093 crore in FY23). The company also reduced its losses by 39 per cent, bringing them down to Rs 911 crore from Rs 1,499 crore the previous year. In a significant development, last month, the Payments Council of India (PCI), an industry body representing digital payments companies, wrote to the Prime Minister's Office (PMO) requesting the reintroduction of a merchant discount rate (MDR) on RuPay debit cards and UPI transactions, but only for large merchants. In a previous conversation with ET, Vikas Bansal, CEO of Amazon Pay India, emphasised that implementing MDR for UPI transactions is crucial for smaller players to receive a fair share of the value they contribute to the payment ecosystem.
Time of India
25-04-2025
- Business
- Time of India
Amazon infuses Rs 350 crore into India payments business amid growing competition
US ecommerce giant Amazon has infused Rs 350 crore into Amazon Pay India , as the fintech arm looks to step up its game against leading payment companies such as PhonePe and Google Pay. #Pahalgam Terrorist Attack Pakistan suspends Simla pact: What it means & who's affected What is India's defence muscle if it ever has to attack? Can Pakistan afford a full-scale war with India? Amazon Pay India has allotted 3.5 crore equity shares to its parent entities Amazon Corporate Holdings Private Limited and through a rights issue, regulatory filings with the Registrar of Companies (RoC) showed. ET has reached out to Amazon India seeking comments. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Co-Founder of Google Brain, Andrew Ng, Is Reported To Have Read Every... Blinkist: Andrew Ng's Reading List Undo This investment follows a Rs 300 crore fundraising in November 2024 and a Rs 600 crore infusion in June 2024 , reported by ET. The move comes as rival Flipkart's fintech app, is actively seeking fresh funding. On January 13, ET reported that Flipkart is in advanced talks to lead a $35-40 million funding round for which could potentially include external investors for the first time. Live Events Data from the National Payments Corporation of India (NPCI) shows that Amazon Pay was the eighth-largest Unified Payments Interface (UPI) player by transaction volume in March 2025, down from the sixth position a year earlier. It currently trails PhonePe, Google Pay, Paytm, Navi, Axis Bank, and Cred. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories According to the latest available NPCI data, PhonePe and Google Pay dominate the UPI space with a combined market share of nearly 85%, while Amazon Pay holds a market share of approximately 0.6%. In February 2024, Amazon Pay received a payment aggregator (PA) licence from regulator Reserve Bank of India. The licence bolsters Amazon's merchant payments business, providing a major growth opportunity given its strong online shopping presence in India. The PA licence followed the company's earlier approval for a prepaid payments instrument (PPI) or wallet licence. The company competes with other platforms to offer a variety of services, including bill payments, UPI transactions , and insurance premium payments. It has also formed strategic partnerships with companies such as BookMyShow, MakeMyTrip, RedBus, IRCTC , and Kuvera, expanding its services to movie and travel ticketing and wealth management. For the financial year ended March 2024, Amazon Pay India reported a 9.22% increase in operating revenue to Rs 2,286 crore (from Rs 2,093 crore in FY23). The company also reduced its losses by 39%, bringing them down to Rs 911 crore from Rs 1,499 crore the previous year. In a significant development, last month, the Payments Council of India (PCI), an industry body representing digital payments companies, wrote to the Prime Minister's Office (PMO) requesting the reintroduction of a merchant discount rate (MDR) on RuPay debit cards and UPI transactions, but only for large merchants. In a previous conversation with ET , Vikas Bansal, CEO of Amazon Pay India, emphasised that implementing MDR for UPI transactions is crucial for smaller players to receive a fair share of the value they contribute to the payment ecosystem.
