Flipkart gets RBI nod for NBFC licence

Walmart's Flipkart has secured a lending licence from India's central bank and banking regulator, allowing it to offer loans directly to customers and sellers on its platform, said a person in the know and confirmed by documents reviewed by Reuters. For the first time, Reserve Bank of India (RBI) granted a large e-commerce player in India a non-bank finance company (NBFC) licence, allowing it to lend but not take deposits.

- Reuters

Online marketplace Flipkart Internet Pvt. Ltd is doling out increments of 8-15% this year even as it gears up to hire as many as 5,000 employees across its business units, including 10-month-old quick-commerce arm Flipkart Minutes.

Last year, Walmart-backed e-commerce giant opted for merit-based payouts handed out in April and October instead of salary increments staggered across an entire year. Also, several senior employees were denied a pay hike for a second consecutive year as Flipkart sought to cut costs and raise efficiency.

This year, the Bengaluru-based digital marketplace is on an expansion drive, particularly in quick-commerce, where it's rushing to catch up with younger but more established competitors such as Blinkit and Zepto.