BharatPe Group recently announced that it has completed acquiring a majority stake in Mumbai-based non-banking financial company (NBFC) Trillion Loans. BharatPe, in an official statement, confirmed that the deal was completed in April and the company now has a 51 per cent stake in the NBFC Trillion Loans, however, will continue to act as an independent entity.
Under the deal, it will have its own team under the supervision of the company board. BharatPe has also put a substantial amount of money into the NBFC to help grow its loan book. Trillion Loans will explore partnerships with other fintech firms to provide credit to a vast array of businesses and consumers.
Reportedly, the acquisition is in line with BharatPe’s aim to be a pioneer in ‘addressing credit issues for millions of consumers and businesses in India.’ The fintech firm will provide aid to Trillion Loans so that it can launch new digital lending products to cater to a diverse set of customers and business owners.
Trillion Loans offers a range of unsecured and secured loans to small and medium-scale enterprises. The NBFC also offers a variety of products for individuals such as gold, auto and education loans.
“Acquiring a controlling stake in Trillion Loans is aligned to the BharatPe Group’s larger purpose and will enable us to facilitate access to capital to a wider set of underserved and unbanked businesses as well as customers. Trillion Loans will work independently and will be technology-driven NBFC. It will be open to partner with other fintechs and startups, so as to offer their customers a quick and streamlined experience,” BharatPe founder and COO Shashvat Nakrani said.
Nakrani added that there is huge potential for Trillion Loans to address the almost USD380 billion MSME credit gap and fill the diverse consumer credit demand in the country.
Nalin Negi, Ravindra Pandey, as well as Sabyasachi Senapati, have been appointed to the Trillion Loans board.
Sabyasachi Senapati heads BharatPe’s banking vertical presently. Nalin Negi is the CFO and interim CEO of the company. Ravindra Pandey has over 37 years of experience of working with the State Bank of India. He has also served on the board of several reputed firms.
Pandey was the Director of the Board at National Payments Corporation of India (NPCI), Yes Bank, NPCI Bharat BillPay Ltd, NPCI International, SBI Payments and C-EDGE Technologies Ltd. Pandey was a permanent invitee to the Board of SBI and other board-level committees of the bank.
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