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Flipkart Adds NBFC Licence To Cart, India’s Drone Tech Moment & More
- Flipkart has finally obtained an NBFC licence after three years, becoming the first Indian online marketplace to offer loans directly to consumers and sellers on its platform.
- This new authorisation will reduce Flipkart's dependence on third-party players, open up alternate revenue streams, allow for external funding, and enhance customer experience.
- Although Flipkart aims to start its lending operations in a few months, it must complete numerous compliances, including appointing key management personnel, board members, and finalizing business plans.
- Following the demerger of PhonePe in 2022, Flipkart has ventured into various fintech initiatives, including super.money, UPI payments, and plans to enter broader financial services like lending and insurance.
- Despite launching new revenue streams, Flipkart continues to face losses, with its marketplace arm reporting a loss of INR 2,358 Cr in FY24.
- RBI's approval for direct lending is a boost for Flipkart, which is increasing hiring efforts amid leadership changes, positioning itself as India's first ecommerce platform with an NBFC licence.
- In other news, Groww is set to raise $202 million in funding, Arise Ventures focuses on AI investments, Navi Finserv's FY25 show reports a decline in PAT, and Zaggle plans to acquire enterprise spend management startup Dice.
- Artha Fund I has garnered impressive returns of 61%, Eon Space Labs aims to revolutionize Earth observation through compact, interoperable optical payloads for drones and satellites.
- Eon Space Labs plans to scale its Lumira product for long-range imaging, develop new satellite imaging systems, and collaborate with satellite companies to establish full-stack capabilities in the Earth observation market.
- With the global Earth observation market exceeding $3 billion in 2024, Eon Space Labs seeks to rapidly expand to become a trusted entity in India's aerial surveillance domain.
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