E-commerce giant Flipkart is preparing for its largest sale season of the year and has partnered with 18 banks and financial institutions to offer no-cost EMIs and standard credit and debit card EMIs on many products.
Digital payments and e-commerce business Paytm has officially filed for an initial public offering of up to Rs 16,600 crore ($2.23 billion) and plans to use the funds to strengthen its payments ecosystem.
Flipkart will offer its sellers loans within 48 hours from a range of banks as part of its “Grow Capital” seller financing programme, the business said on June 20. The move aims to help sellers scale their businesses.
E-commerce platform Flipkart plans to launch credit card services later in the year and it will be able to bring in new consumers who do not yet have a formal credit history by using its own shoppers’ data.
India’s Infosys Ltd has formed a blockchain-based trade finance network with seven private-sector banks, to increase security and efficiency in the banking sector while also broadening its product offering.
Snapdeal continues to struggle in the e-commerce market. After suffering losses last fiscal, one of its investors, FIH Mobile, the investment firm of Foxconn Technology Group, has written off its $40 million investment.
Infibeam is all set to acquire Snapdeal subsidiary Unicommerce in Rs 120 crore (approx $18 million) deal, which is expected to give the latter sufficient funds to remain competitive in the Indian e-commerce market.