According to multiple people with knowledge of the situation, e-commerce giant Flipkart has set aside $15–20 million for the startup credit marketplace that senior executive Prakash Sikaria is launching internally.
Senior Vice President Prakash Sikaria, who oversaw the company’s social commerce platform Shopsy and guided its growth strategy, is creating a credit marketplace that will be included as a Flipkart entity, in which the additional funding would be invested, as reported by The Economic Times.
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Sikaria and Walmart-owned Flipkart are both shareholders in the credit marketplace. The company might eventually accept outside funding at a later time.
Flipkart is currently committing a sizeable sum of money to Sikaria’s project, despite the fact that the industry as a whole is experiencing a slowdown in funding.
Personal loans up to Rs 5 lakh have already been developed by Sikaria’s business, but these credit products will also be available to customers and platforms outside of Flipkart.
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Flipkart is supporting the development of the credit marketplace as well because it provides information and patterns on consumer purchasing patterns in addition to identifying existing servicing gaps.
About Flipkart
Flipkart doesn’t require any introduction because it’s the most popular E-Commerce site in India and because of the big billion days at one of the most anticipated online events for which millions of Indians weigh eagerly. After inMobi, the first Indian unicorn, Flipkart was one of the first Indian unicorns to reach a unicorn valuation in the period between 2011 and 2012.
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