Flipkart, India’s leading e-commerce giant owned by Walmart, has reached a game-changing milestone—it has received a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI). This makes Flipkart the first major online retailer in India to gain such a license, setting the stage for a major transformation in the digital lending ecosystem.
From Retailer to Lender
Until now, platforms like Flipkart have offered credit options, such as Buy Now, Pay Later (BNPL) and EMIs, through partner banks and NBFCs. But with this new license, granted in March to its unit, Flipkart Finance Private Limited, the company can now lend directly to customers and sellers.
This means Flipkart now controls the entire lending process:
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Underwriting
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Loan disbursement
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Repayment collections
It’s a big shift. Flipkart is no longer just a seller—it’s now also a financier.
What This License Allows
While Flipkart still can’t accept customer deposits (per RBI rules), it can issue loans such as:
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Small personal loans
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EMIs for shoppers
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Working capital for its sellers
These financial products will be offered through both Flipkart’s platform and its fintech venture, Super.money
Smarter, More Inclusive Lending
Flipkart plans to use its huge user data to offer customized loan options, especially for people who may have been excluded from formal banking services in the past. This data-driven model can help democratize access to credit across India.
What’s Next?
Although the NBFC license was issued on March 13, operations haven’t started yet. Flipkart is:
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Appointing key staff
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Setting up its board
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Finalizing its business model
Once live, the NBFC will work alongside existing partnerships with banks like Axis Bank, IDFC First Bank, and Credit Saison.
Bigger Picture
This move fits into Walmart’s long-term India strategy. The US retail giant, which owns over 80% of Flipkart, has already invested heavily in Flipkart and PhonePe. With IPO plans in the pipeline, Flipkart’s foray into fintech could boost its valuation beyond the current $37 billion (as per its last funding round in 2024).
Conclusion
Flipkart’s NBFC license is a big leap for India’s digital finance space. It shows how e-commerce and fintech are merging to create all-in-one ecosystems. For startups and entrepreneurs, this marks a strong example of how platform power can evolve.
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