Flipkart to Launch Fintech Business, Also Plans to Ramp Up Technology Team
The ecommerce firm which is set to enter new categories such as furniture and groceries, also looking to hire executives from Silicon Valley as part of its push into areas such as artificial intelligence and machine learning.
Indian largest online marketplace, Flipkart is planning to launch and build a new business to tap the fintech sector to cater to customers in smaller cities and towns. The company will hire a senior executive to build out this business.
“We think we can do it better because of our access to rich, commerce data, in conjunction with some third-party financial data. We can build some very proprietary credit scoring models and thereby expand our reach of the consumer base and offer commerce to those guys,” Flipkart’s chief technology officer (CTO) Ravi Garikipati said.
The ecommerce firm which is set to enter new categories such as furniture and groceries, also looking to hire executives from Silicon Valley as part of its push into areas such as artificial intelligence and machine learning. They plans to hire aggressively for its technology team which is currently comprises about 1,200 engineers. “We’ll hire talent in areas such as computer vision, image sciences, folks with deep experience in natural language processing (NLP) and also speech technology,” added Ravi.
Flipkart’s competitor Amazon has also invested an additional Rs 1,350 crore (about $200 million) in its India unit this year to accelerate its growth. In October, the company said it expected India to overtake Japan, Germany and the United Kingdom to become its second-largest overseas market in a few years.