Walmart’s Flipkart secures approval for direct lending in India
The Hindu
A lending licence will enable Flipkart - India’s largest e-commerce firm - to lend directly, a more lucrative model for the group.
Walmart's Flipkart has secured a lending licence from the Indian central bank and banking regulator, enabling it to offer loans directly to customers and sellers on its platform, a spokesperson for the company confirmed after Reuters reported the development citing documents and a source.
This is the first time the Reserve Bank of India has granted a large e-commerce player in India a non-bank finance company (NBFC) licence, allowing it to lend but not take deposits.
Most e-commerce platforms currently offer loans in tie-ups with banks and NBFCs, but a lending licence will enable Flipkart, India's largest e-commerce firm, to lend directly, a more lucrative model for the group.
The central bank issued its certificate of registration, a document that officially recognises a company as an NBFC, to Flipkart Finance Private Limited on March 13.
Reuters has reviewed a copy of both the certificate of registration and the approval letter also dated March 13. The approval has not been previously reported.
Flipkart, in which U.S. retail behemoth Walmart holds a more than 80% stake, applied for the licence in 2022, according to the central bank’s approval letter.
The Reserve Bank of India did not immediately respond to Reuters' request for comments.
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