New Delhi: Fintech firm BharatPe on Tuesday said it has completed the acquisition of 51 per cent stake in Mumbai-based non-banking financial company Trillion Loans.
veteran banker Ravindra Pandey, who recently retired from State Bank of India; BharatPe interim CEO and chief financial officer Nalin Negi and BharatPe banking vertical head Sabyasachi Senapati have joined the board of Trillion Loans.
“I believe there is a huge opportunity for Trillion Loans to go ahead and address the MSME credit gap of around $380 billion as well as meet the diversified consumer credit demand in a country with the largest youth population in the world I will.” “I would like to welcome the Trillion Loans team to the BharatPe family,” Shashwat Nakrani, Founder and COO, BharatPe, said in a statement. ,Also Read: iPhone 14 Under Rs 40,000 On Amazon: How To Grab The Deal? check here,
The company said in a statement that it has acquired a 51 percent stake in Trillion Loans. Post acquisition, Trillian Loans will operate as an independent entity with its own team under the supervision of the board. ,Also read: Where is Jack Ma? Reports Say Alibaba’s Founder Is Now A Professor,
Nakrani said, “Today, we provide credit facilities of over Rs 500 crore every month to our merchant partners. Providing access to credit to our merchant partners is key to our business model, and this acquisition further propels our growth. and accelerate our journey to profitability.” Said.
He added that acquiring a controlling stake in Trillion Loans is aligned with BharatPe Group’s larger objective and will enable the company to facilitate access to capital for under-served and unbanked businesses as well as customers.
“Trillion Loans will operate independently and be a technology-driven NBFC. It will be open to partnering with other fintechs and startups, to provide an instant and streamlined experience to their customers. BharatPe will work with NBFCs and financial institutions We value our existing partnerships with and this acquisition will have no impact on these relationships,” Nakrani said.