NBFC

News, The Morning Context

Flipkart secures NBFC licence

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It is the first e-commerce company that the RBI has given permission to directly give loans. E-commerce giant Flipkart has secured an NBFC (non-banking financial company) licence from the Reserve Bank of India (RBI). Its group entity, Flipkart Finance Private Limited, was granted the approval and registered as an NBFC on March 13. This allows Flipkart to directly disburse loans, a higher margin play than just distributing loans for other lenders. Flipkart is also in the process of shifting its holding company from Singapore to India as a precursor to an IPO.

News, The Morning Context

The silent takeover of Lendingkart

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Lendingkart has undergone a major leadership churn since October 2024, set in motion by its key investor Fullerton Financial Holdings. The shake-up was intended to keep an eye on the cash-strapped fintech. There has been an exodus of senior executives, including Sandeep Somnani (Chief Officer) and Gautam Singhania (CFO). Co-founder Harshvardhan Lunia has also been kept out of the loop on major decisions, signaling Fullerton’s active takeover.

News, The Morning Context

NBFCs’ supply-chain finance offerings face possible RBI restrictions

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An industry letter to the central bank has sought clarification on the regulator’s advice to some NBFCs to cease or modify their supply-chain finance products. The Reserve Bank of India is likely rethinking its stance on supply-chain finance products sold by non-banking financial companies. According to a letter addressed to the RBI by the Finance Industry Development Council, the central bank has advised some NBFCs to stop offering certain supply-chain finance products or modify them.

News, The Morning Context

Is India’s celebrated startup OfBusiness a real business?

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The company is aiming for an IPO by August next year. But what exactly is this firm—a financing operation, a tech business, an overvalued minefield of round-tripping or something else entirely? In an efficient physical world, a company like OfBusiness would have no reason to exist. Today, OfBusiness trades both almonds and steel bars on the same platform. These are just two out of the many products it deals in.

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