Flipkart is evolving. The massive e-commerce company made a greater foray into finance in July of last year, and rumors circulated that it was expanding its buy-now-pay-later offering. And now, after six months, the business is focusing on a brand-new platform named Super.Money.
Flipkart has been working hard over the last ten months to create Super.Money, a credit marketplace, and has set aside $20 million for this fintech venture.
Senior vice-president Prakash Sikaria of Flipkart, who has overseen important initiatives for the company such as its ad business, small applications, and Supercoins loyalty program, is in charge of this audacious undertaking. At Super.Money, Sikaria is in charge of a nine-person leadership group, according to information found on the website of the fintech platform.
As we looked to delve into the reasoning behind Super.Money and its business strategy, insiders tell Inc42 that the inaugural service, personal loans, has already been introduced on the Flipkart app, acting as an initial testbed to evaluate consumer interest and traction alongside the existing BNPL offerings.