Fintech entry cleared: Flipkart will get RBI nod for lending licence; plans for NBFC rollout nonetheless underneath wraps

Flipkart has acquired a lending licence from the Reserve Financial institution of India, paving the way in which for direct financing to clients, although the ecommerce agency is but to reveal operational particulars.The Walmart-backed firm confirmed on Thursday that it had secured a Non-Banking Monetary Firm (NBFC) licence from the RBI, with sources indicating the approval got here in March, PTI reported.Whereas Flipkart acknowledged the event, it didn’t supply particulars on how or when the NBFC arm could be operationalised. In line with sources, the licence might allow the corporate to supply credit score providers comparable to EMIs or instalment-based financing on to customers on its platform. Nonetheless, specifics of product rollout stay unconfirmed.Walmart at present owns over 80% of Flipkart, having acquired a majority stake within the firm in 2018.The event comes shortly after Flipkart, which is making ready for a public itemizing, introduced in April that it plans to shift its holding firm from Singapore to India. The transfer, Flipkart stated, aligns its construction with core Indian operations and displays long-term dedication to the home market.“We’re impressed by the Authorities of India’s robust imaginative and prescient and proactive initiatives in fostering a thriving enterprise atmosphere and ease of doing enterprise, which have considerably formed our journey,” a Flipkart spokesperson stated in April. “This transfer represents a pure evolution, aligning our holding construction with our core operations, the huge potential of the Indian economic system and our expertise and innovation-driven capabilities to foster digital transformation in India.“