Flipkart Ready to Enter the Fintech Space


India’s largest e-commerce website Flipkart is all geared up for entering a range of new domains such as groceries and furniture. The company is also setting its eyes on fintech business and is planning to do some aggressive hiring from the Silicon Valley for initiating operations in the particular space. While the company has rolled back some of its programs in assisted commerce, it continues to explore areas like machine learning and artificial intelligence.

According to online sources, Flipkart’s fintech business is currently at an early developmental stage, however the e-retailer looks keen on channelizing its resource for the ambitious project as it sees a potential growth opportunity in ii tier and iii tier cities. Reportedly, the company is planning to pull in some senior executives for laying the foundations. The focus will be on catering to consumers in central India and gradually expand to other parts of the country, keeping affordability as an important factor. By introducing fintech service, the company is also trying to replicate or even better certain capabilities of offline entities that are flourishing in few categories, particularly the big-ticket items.

Also, the Bangalore-based company is bringing in higher management executives to strengthen its technology team, registering nearly 10% increase in employee strength with current head count reaching up to 1,200 engineers. In addition, the company is planning to expand its resource base in segment such as image sciences, speech technology, computer vision and in natural language processing. As modern technologies continue to evolve in a multi-model nature in not will to lose out in any front including speech, which is evident by its increasing interest in speech technology. In the meantime, its direct rival Amazon India will continue to push it to extreme limits despite the company’s efforts to venture into new domains and scaling up resources. In the past couple of months, both the companies have been fiercely competing for market share, with Flipkart ending some of its futuristic projected in midway.

Flipkart,is also running a technology centre by the name F7 Labs in the Silicon Valley and is planning to bring some of those technology roles to its Bengaluru headquarters. The F7 Labs is considered to be the base for the company’s core competencies around ML (machine learning) and AI (artificial intelligence). Although, in the near future, the center is likely to have a more influential role in drafting the company’s innovative offerings.

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