Walmart's Flipkart Receives NBFC Licence from RBI, a First for E-commerce Platform

E-commerce giant Flipkart has received a licence from the Reserve Bank of India (RBI) to operate as a non-banking financial company (NBFC) in the country. The licence has been granted to Flipkart Finance Pvt. Ltd., the company confirmed to Outlook Business.

The news, first reported by Reuters, said that India’s central bank issued the certificate of registration to Flipkart Finance Pvt. Ltd. on March 13.

Flipkart, which is majority-owned by US retail giant Walmart with over an 80% stake, had applied for the lending licence in 2022. According to the news agency, the company could begin its lending operations within a few months. However, the final launch will depend on the completion of internal processes such as appointing key management personnel, finalising board members, and detailing its business plan.

The report added that Flipkart plans to offer loans directly to consumers via its main e-commerce platform and its fintech app, super.money. It may also extend credit to sellers on its marketplace.

This development comes as Flipkart, valued at $37 billion in 2024 following a funding round led by Walmart, is in the process of shifting its holding company from Singapore to India. Walmart, which acquired a controlling stake in Flipkart in 2018, is also preparing to take the 17-year-old e-commerce firm public. That acquisition also brought fintech company PhonePe under Walmart’s umbrella—another entity now preparing for an IPO.

This is the first time the Reserve Bank of India has granted an NBFC licence to a major e-commerce player, allowing Flipkart to lend directly to consumers.

It marks a significant shift from the traditional model where most e-commerce platforms offer credit through partnerships with banks and NBFCs. Flipkart, which currently provides personal loans through tie-ups with Axis Bank, IDFC First Bank, and Credit Saison, will now be able to build an in-house lending business.

Other e-commerce and fintech players such as Snapdeal, eBay India, MobiKwik, BharatPe, and GetVantage continue to rely on external partnerships to offer loans to both customers and sellers, helping to expand financial access and support small business growth.

Snapdeal and eBay India have tied up with lenders like Capital Float and NeoGrowth to provide working capital loans to small businesses. MobiKwik partners with NBFCs to offer small-ticket personal loans, enhancing financial inclusion. BharatPe collaborates with firms like OTO Capital and Volt Money to provide merchant loans and asset-backed credit.

Earlier this year, Flipkart’s rival Amazon acquired Bengaluru-based NBFC Axio, but the deal is still awaiting RBI approval.