Flipkart Now Planned to Provide Financial Services
After snapdeal’s acquisition, Flipkart now planned to provide financial services to their customers. According to the recent reports Flipkart now taking a step, Offers the financial services.
“While several e-commerce companies are looking at financial products, Flipkart is leading the pack and is keen to launch this as a revenue-generating business and also to help its customers,“ one of the persons cited earlier said.
The headquarter in Bengaluru, Appointed a focused team for the financial services. Company said. ET had reported in August last year that Flipkart was talking with banks to offer loan products to customers, especially during its ‘Big Billion Day’ sale.
Flipkart denied commenting on some specific queries. One of the persons cited earlier said: “these startups are in talks with Flipkart executives including Monomita Roy Avasarala, lead product manager for fintech and consumer credit products at Flipkart.”
The Flipkart already started offering the loan to the sellers on the Flipkart’s platform. The loan they are offering in partnership with the banks and non-banking financial companies. Last year Flipkart tied up with the Axis bank to launch a credit card with discount benefits.
Srikant Meenakshi said:
“The margins for Flipkart on products like mutual funds through partnerships could be as low as 1%. But the fact is that Flipkart does not have the expertise in this area, which is why they will need to partner with these platforms. The advantage for them will be that products like mutual funds are sticky products, and the platform can become a one-stop place for its customers,“ said Srikanth Meenakshi, co-founder of online investment platform FundsIndia. Several e-commerce companies are looking to foray into the lending side, according to industry executives.
Manavjeet Singh, CEO of lending platform Rubique, said: “We are talking to multiple e-commerce players who are looking to launch financial products. Since financial products is not their core area, they are looking to integrate with players like us who have multiple banking and NBFC partners and offer nearly 200 products.“ Singh did not disclose the names of companies.
One of the executives “Apart from the load and credit, Flipkart also looking forward at mutual funds and insurance products.”