Monday, July 22, 2024
Outlook.com
Outlook India
Outlook Business

Flipkart To Invest $20 Million In New In-House Credit Marketplace

Flipkart's in-house marketplace will provide a variety of financial products, including personal loans up to Rs 5 lakh

Flipkart To Invest $20 Million In New In-House Credit Marketplace
POSTED ON September 20, 2023 11:37 AM

Flipkart will put aside $15 to $20 million for an in-house credit marketplace, the e-commerce giant has collaborated with Axis Bank to enter the personal loan market, the ET has reported.

Senior vice president Prakash Sikaria who leads the company's social media platform Shopy will command the project. The company is planning to create a credit marketplace that will function as a separate entity within Flipkart, which is expected to be ready by the end of this year, according to the report.

Sikaria will own some stake in the credit marketplace in addition to Flipkart and its parent firm, Walmart, as per the report. The funding for the current project is sufficient but it will seek external capital infusion in the future.

According to information, this internal marketplace of Flipkart will provide a variety of financial products, including personal loans up to Rs 5 lakh. Future availability of these goods to customers and external platforms is anticipated.


The e-commerce giant already provides co-branded credit through Axis Bank. It is also attempting to expedite risk assessments prior to loan distribution by using an internal underwriting methodology. In addition to that, the business intends to introduce a third-party application for UPI transactions. This follows the Bengluru-based online retailer's separation from PhonePe, of which Walmart now owns the majority interest with support from investors like General Atlantic, Tiger Global, and others.

  • Related Articles

    Flash aims to expand operations in the country as well as plans to enter the international market by early 2024

    Former Flipkart SVP’s Start-Up Flash Secures $6.7 From Blume Venture And PeerCapital

    Selected start-ups will get an opportunity to deploy their solutions, collaborate closely with product teams, and run pilots with various business units

    Flipkart Invites Applications For Third Cohort Of Flipkart Leap Innovation Network

    The company saw a growth of over 27 per cent of sellers on the platform since last year

    Flipkart Surpasses 1.4 Million Sellers Ahead Of 'The Big Billion Days'