In April, BharatPe Group acquired a majority stake in Mumbai-based NBFC Trillion Loans.
Consumers can also borrow from Trillion Loans for auto, gold, and education loans. The NBFC offers secured and unsecured loans to SMEs.
The acquisition of Trillion Loans is aligned with the BharatPe Group’s larger purpose and will enable us to facilitate access to capital for a wide range of underserved and unbanked businesses and customers, says Shashvat Nakrani, founder and CEO of BharatPe. This NBFC will operate independently and will be technology-driven.”
Trillion Loans will operate as an independent entity with its own team, and will partner with other fintechs to provide credit to businesses and consumers.
The acquisition will not affect BharatPe’s existing relationships with NBFCs and financial institutions, Nakrani said.
Trillion Loans’ board will also include advisor to the board Ravindra Pandey, CFO Nalin Negi, and head of the banking vertical Sabyasachi Senapati of BharatPe Group.
“BharatPe will leverage its expertise in product development and technology to support Trillion Loans in creating innovative digital lending products for various business owners and customers, and this partnership will present Trillion Loans with an opportunity to continue growing and address the large credit gap for MSME owners and consumers,” Nakrani said.
Founded in 2018, BharatPe introduced the country’s first UPI interoperable QR code and the first zero MDR payment acceptance service. BharatPe launched BharatSwipe to combat the Covid-19 pandemic.
With one crore merchants serving more than 400 cities, the company is the world’s leading provider of UPI offline transactions, processing over 30 crore transactions each month, with an annualized Transaction Processed Value exceeding $24 billion. With its POS systems, the company processes over $3.5 billion in payments every year, and it has disbursed loans worth nearly 8,000 crore rupees.
To date, BharatPe has raised more than $583 million in equity, including Tiger Global, Dragoneer Investment Group, Ribbit Capital, and Sequoia Capital. Recently, the RBI granted the BharatPe Group in-principle authorization to operate as an online payment aggregator.
Also Read:
- Why is a Personal Loan Preferred Over Other Types Of Loans?
- RBI shocker – the beginning of the end of low-interest home loans
- Housing Loans Market in India – SCBs have a market share of 60%, while that of private banks up to 30%
- Is Gold Loan A Better And Easier Option Than Other Loans?
- Guaranteed payday loans no matter what Canada for E-commerce Business owners