Late last year, PhonePe split from Flipkart to become an independent entity. That has pushed Flipkart to ramp up its fintech vertical. Some early moves have now become visible as Flipkart starts with loan distribution on its platform. Industry members believe the two could now compete on many fronts.
Flipkart has long wanted to sell more than just apparel and phones to customers. Armed with deep insights on customers’ shopping patterns, the Walmart-owned e-commerce company recently ventured into personal loans. In partnership with Axis Bank, Flipkart started offering loans worth up to INR10 lakh through its app in July this year. Within the first month of its launch, Flipkart was facilitating as much as INR10 crore in loans every day,
BY
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