BENGALURU: In a major initiative towards making financial technology a high priority, top ecommerce marketplace Flipkart has appointed its chief technology officer Ravi Garikipati as the head of its fintech department with immediate effect. Flipkart chief executive Kalyan Krishnamurthy revealed this in an internal email to company employees on Tuesday.The engineering division of the company, which was under Garikipati, will now report directly to Krishnamurthy. Flipkart will also look at bringing in a new head of engineering. Flipkart already offers access to loans to sellers on its platform in partnerships with banks and NBFCs.Flipkart’s plans to build a financial technology play is different from its consumer payments play PhonePe. The firm had announced an investment commitment of $500 million in PhonePe, indicating its seriousness towards the financial technology sector.

Source: Economic Times November 29, 2017 02:48 UTC