The company has already partnered with Murugappa group’s NBFC arm to kick off its new diversification strategy.
This is the first time a home-grown ecommerce company is looking at financial services business, covering larger dimensions of the industry and not just facilitating loans. Snapdeal had acquired RupeePower in April 2015, which facilitates loans only.
According to industry experts, while the online financial services market size with respect to loans is about INR 4,500 crore, the online lending range varies between INR 30,000 - INR 3 crore.
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