Flipkart India Pvt. Ltd. is in the early planning stages for its venture into financial technology, Mint reported June 9, citing chief technology officer Ravi Garikipati.

The Indian e-commerce giant plans to hire a senior executive to build its fintech business, which will cater to customers in smaller cities and towns.

Flipkart, which operates a tech lab in Silicon Valley aimed at developing competencies such as artificial intelligence and machine learning, is also looking to bring some of those tech roles to its Bengaluru headquarters.

The company also plans to increase the technology team's headcount by at least 10% this year, according to Garikipati.