In a major leap towards becoming a full-stack fintech player, e-commerce giant Flipkart has officially secured a non-banking finance company (NBFC) licence from the Reserve Bank of India (RBI). This development empowers the Walmart-backed company to issue loans directly — a significant shift in how Flipkart will engage with millions of its customers and sellers across India.
The licence marks a strategic expansion beyond Flipkart’s UPI and credit offerings, giving it greater control over its lending operations, which were previously routed through partnerships with banks and third-party NBFCs. Flipkart currently collaborates with Axis Bank for co-branded credit cards and offers BNPL (buy-now-pay-later) services in alliance with several financial institutions.
With this move, Flipkart signals serious intent to own the credit experience end-to-end — from underwriting to disbursement — something that could dramatically change the way its marketplace and fintech layers interact.
“We’re seeing India’s leading consumer platforms transform into financial powerhouses,” a fintech insider told Indian Startup Times. “Flipkart’s NBFC entry could unlock new monetisation streams and enhance customer stickiness.”
The timing of this move is equally telling. Flipkart is actively preparing for its much-anticipated India public listing, and its board has already approved the shift of its holding structure from Singapore to India — a key prerequisite for local listing compliance.
Meanwhile, rival Amazon is making its own quiet strides into Indian fintech, having acquired Axio (as first reported by Entrackr), bolstering its consumer credit play.
With its last reported valuation at $37 billion (2024, post-Walmart-led round), Flipkart’s entry into direct lending is not just about financial services — it’s about owning a bigger share of the digital economy pie.
As India’s fintech landscape heats up, Flipkart’s NBFC licence could well be the beginning of a new chapter — where commerce and credit finally converge under one roof.
