Meesho, an ecommerce firm, is planning to build a financial service platform. According to a report by The Economic Times, people in the know said, “Meesho aims to build a financial services platform and also scale its grocery delivery business in the next financial year, following a year of focused effort to cut down its spiralling losses.”
The ecommerce platform wants to start with a credit marketplace where borrowers will be sourced on behalf of its lending partners — banks and non-banking financial companies (NBFCs). It will earn a commission on every disbursal, as per the report.
“They (Meesho) are experimenting with a lending platform, but there is a serious focus on this internally. It’s still early days,” a person aware of plans was quoted saying by The Economic Times.
As per the report, Meesho’s new initiatives are seen as linked to its plans to clock a higher growth rate in the new fiscal. The company will initially focus on processing merchant loans, and also wants to offer lending to consumers too, mostly in non-metros.
Notably, Flipkart, through Super.Money is building its own fintech business. “Flipkart is already testing a full-stack buy now-pay later and personal loan platform,” said a person aware of the matter, according to The Economic Times.
While, Amazon India offers consumer credit and payments through Amazon Pay.