India's Flipkart now offers personal loans
Flipkart, the Walmart-backed e-commerce firm in India, now offers personal loans in an effort to grow its financial services offerings, Reuters reported this week.
Flipkart also has reportedly applied for a non-banking financial company license. These businesses can't take deposits from the public, according to the World Bank, but are a source of consumer credit as long as they work with a licensed bank.
Flipkart is said to be partnering with Axis Bank Ltd., which is based in Mumbai.
Asked for confirmation of the reports, a Walmart Inc. spokeswoman said Thursday that they "don't have anything to share at this point."
Walmart paid $16 billion for a 77% stake in Flipkart in 2018, when the Bentonville-based retailer was trying to get a foothold into India's growing e-commerce market. India has strict regulations on foreign companies doing business there.
Walmart also owns a majority share of Flipkart's recent spinoff, PhonePe.
Both Flipkart and PhonePe could become $100 billion businesses in the future, Walmart Chief Financial Officer John David Rainey told analysts in June.
-- Serenah McKay
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