Flipkart NBFC Gets A Green Signal From RBI! What's Next for Flipkart?

In a major step that could redefine how e-commerce and financial services converge in India, Flipkart has secured a coveted Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI). With this regulatory nod, the Walmart-backed Indian e-commerce behemoth is now ready to do more than just sell products—it’s stepping into your wallet.

This is not just another corporate milestone; it’s a signal of the evolving face of Indian digital commerce. Flipkart can now lend directly to both consumers and sellers on its platform, without depending on external financiers. The implications of this move are huge—not only for Flipkart, but for India’s broader digital and entrepreneurial ecosystem.

From Partnerships to Power Play: Flipkart Goes Solo

Until recently, Flipkart’s financial services offerings—including EMIs, personal loans, and its Buy Now, Pay Later (BNPL) features—were powered through partnerships with banks like Axis Bank, IDFC First Bank, and lending platforms such as Credit Saison. While this helped Flipkart expand its fintech footprint, it came with limitations: reliance on third-party decisions, delayed approvals, and a lack of control over interest rates or credit terms.

Now, with its own NBFC license, Flipkart can lend directly from its books—eliminating intermediaries and giving the company full control over the credit experience. The company plans to route these new offerings through its fintech arm, Super.Money, which will now be key in scaling Flipkart’s financial ambitions.

Fueling the Small Seller: A Rural and SME Focus

The new lending capability isn't just about boosting sales; it could be a game changer for India's vast network of small and medium-sized businesses (SMBs)—especially those operating from rural and semi-urban regions. Flipkart’s marketplace has long been a gateway for local sellers to access pan-India demand. But lack of working capital has often kept them from scaling.

Now, with easier access to credit right within the Flipkart ecosystem, these sellers could get timely funds for inventory, packaging, logistics, and even hiring. This can reduce their dependence on informal loans and bring them into the formal economy.

In many ways, Flipkart’s NBFC arm could function as a financial backbone for Bharat’s digital sellers—those who have the products and the ambition, but not always the access to capital.

Strategic Advantage Over Global Rivals

This development also gives Flipkart a strong edge over competitors like Amazon. While Amazon made a move earlier this year by acquiring Axio, a Bengaluru-based digital lender, that deal still awaits RBI clearance. Flipkart, on the other hand, already has the license in hand and is ready to roll.

What sets Flipkart apart is the RBI’s decision itself—it’s the first time the central bank has granted NBFC status to an e-commerce player of this scale. This shows the regulator’s confidence in Flipkart’s financial infrastructure, as well as its intent to foster integrated digital ecosystems in India.

IPO on the Horizon? Shifting Gears to India

This strategic expansion also plays into Flipkart’s larger ambitions. The company is in the process of shifting its holding structure from Singapore to India, a move widely seen as preparation for an upcoming Initial Public Offering (IPO) on Indian stock exchanges.

With a fresh $1 billion in funding led by parent company Walmart and a robust valuation of $37 billion as of 2024, Flipkart is clearly gearing up for a new growth phase. According to CEO Kalyan Krishnamurthy, the company has already seen a 20–25% surge in customers and orders, with projections to hit 30% growth by June. Notably, fashion is driving nearly 40% of new customer additions, thanks to the strong performance of both Flipkart and its fashion arm Myntra.

Beyond Loans: Flipkart Bets Big on Quick Commerce

Flipkart isn’t stopping with lending. It’s also doubling down on quick commerce, the sector where speed is the new currency. Through its Flipkart Minutes initiative, the company is aggressively expanding a network of dark stores—adding two every day and targeting 800 stores by year-end.

This places Flipkart in direct competition with Zepto, BlinkIt, Swiggy Instamart, and BigBasket. The company’s presence in this high-frequency, fast-delivery segment complements its lending and retail play—offering everything from groceries to credit, all within minutes.

Aligning with India’s Digital and Financial Inclusion Vision

Perhaps most importantly, Flipkart’s entry into lending aligns with the broader Digital India and financial inclusion narrative. By offering personal loans, credit lines, and seller financing, and by leveraging user data and tech infrastructure for smart credit scoring, Flipkart could help bring millions into the formal credit fold.

With India’s digital lending market projected to cross $350 billion by 2025, Flipkart has found the right time to pivot. Its deep consumer and seller insights give it an advantage that traditional banks often lack. Flipkart knows what its users buy, how often, in which geographies, and at what times of year—data that can power better, faster, and more responsible credit decisions.

Flipkart is Now a Fintech Giant Too

What started as an online bookstore from Bengaluru is now morphing into a full-fledged consumer and SME-centric digital finance company. With the NBFC license, Flipkart is set to not just sell goods, but fuel dreams—whether it's a young entrepreneur seeking working capital, or a customer needing credit to buy a smartphone for online classes.

As the Indian startup ecosystem evolves, this move underscores a growing trend: tech platforms are becoming banks, lenders, and ecosystems in themselves. Flipkart’s bold NBFC entry might just be the moment the lines between commerce and finance in India finally blurred—for good.