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Flipkart to invest $20 million in new in-house credit marketplace startup

E-commerce giant Flipkart is planning to invest $20 million in a new in-house credit marketplace startup. The project is being spearheaded by senior vice president Prakash Sikaria, who also leads Flipkart’s social commerce platform Shopsy.

According to reports, the credit marketplace will be a separate entity within Flipkart and will offer a variety of financial products, including personal loans, credit cards, and buy now, pay later (BNPL) options. The marketplace will also offer a range of value-added services, such as credit counseling and financial planning.

Flipkart’s investment in the credit marketplace is part of its broader strategy to expand its financial services offerings. The company has already partnered with Axis Bank to offer personal loans to its customers. It is also reportedly in talks with other banks and financial institutions to offer a wider range of financial products and services.

The launch of Flipkart’s credit marketplace is expected to have a significant impact on the Indian fintech industry. The marketplace will provide a one-stop shop for customers to access a variety of financial products and services. It will also give Flipkart a greater understanding of its customers’ financial needs and preferences.

The Indian fintech industry is growing rapidly, and Flipkart is well-positioned to capitalize on this growth. The company has a large customer base and a strong brand reputation. It also has the resources and expertise to develop and operate a successful credit marketplace.

Flipkart’s investment in a credit marketplace startup is a significant development in the Indian fintech industry. The marketplace has the potential to disrupt the industry and make a positive impact on the lives of Indian consumers.