Indian e-commerce giant Flipkart is all set to enter the financial services space with a focus on offering credit and insurance products to both consumers and sellers on its platform, a report by the Economic Times said. According to the report, the company has already begun the process of applying for an NBFC (Non-Banking Financial Company) license and will commence its fintech services with microlending and micro-insurance for purchases on its website. In the long run, the company plans of moving to products such as general and life insurance, beyond its platform, the report added. Consumer lending to drive growth According to the firm’s senior vice-president Ravi Garikipati, given that around 60% of the over 100 million customers of the e-commerce website don’t have access to credit, the microlending service will shorten this gap and enable this segment of the customer base…
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