Amazon, Flipkart set sights on small loans space

E-commerce giants working on BNPL, other credit products

- ASHWIN MANIKANDAN & JASPREET KALRA

AMAZON IS PREPARING to offer loans to small businesses in India, while Walmart-owned Flipkart is looking at buy-now, pay-later (BNPL) products as the e-commerce giants take on the country's banks with a push into financial products.

Amazon acquired Ben-galuru-based non-bank lender Axio earlier this year. Currently focused on BNPL and personal loans, Axio will reembark on offering credit for small businesses and start offering cash management solutions.

“We see tremendous headroom for expanding credit growth in India, particularly among digitally engaged customers and small businesses outside of the top (cities),” Mahendra Nerurkar, vice-pres-ident for payments for emerging markets at Amazon, told Reuters.