Walmart's (WMT) Flipkart has received a non-bank finance company license from the Reserve Bank of India, allowing it to offer loans directly to customers and sellers, Reuters reported Thursday, citing regulatory documents.
The license was issued to Flipkart Finance on March 13, the report said.
A source told Reuters the company could begin lending operations "in a few months," pending completion of certain internal processes including the appointment of key management personnel and board members.
Flipkart plans to offer direct loans to e-commerce platform users through its fintech app, super.money, with the possibility to extend financing to sellers, according to the report.
Currently, Flipkart offers personal loans through partnerships with Axis Bank, IDFC Bank and Credit Saison.
Flipkart did not immediately respond to request for comment from MT Newswires.
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