BharatPe will support Trillion Loans so that it can launch new digital loan products to cater to a diverse set of customers and business owners.
Trillion Loans offers a variety of products for individuals such as gold, auto and education loans.
BharatPe Group recently announced that it has completed the majority stake acquisition in Trillion Loans, a Mumbai-based non-banking financial company (NBFC). BharatPe confirmed in an official statement that the deal was completed in April and the company now holds a 51 per cent stake in NBFC Trillion Loans, which, however, will continue to operate as an independent entity.
Under the deal, it will have its own team under the supervision of the company’s board. BharatPe has also infused a sizeable amount in NBFCs to help it grow its loan book. Trillion Loans will explore partnerships with other fintech firms to provide credit to a wider range of businesses and consumers.
Reportedly, the acquisition is in line with BharatPe’s objective of being a leader in ‘addressing credit issues for millions of consumers and businesses in India’. The fintech firm will provide support to Trillion Loans so that it can launch new digital loan products to cater to a diverse set of customers and business owners.
Trillion Loans provides unsecured and secured loans to small and medium scale enterprises. NBFCs also offer a wide range of products such as gold, auto and education loans for individuals.
“Acquiring a controlling stake in Trillion Loans is aligned with BharatPe Group’s larger objective and will enable us 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 accelerated and streamlined experience to their customers.”
Nakrani said the trillion loan has huge potential to bridge the nearly USD380 billion MSME credit gap and fill the diversified 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 currently heads the banking vertical of BharatPe. Nalin Negi is the CFO and interim CEO of the company. Ravindra Pandey has 37 years of experience working with State Bank of India. He has also served on the boards of several reputed firms.
Pandey was a director on the boards of National Payments Corporation of India (NPCI), Yes Bank, NPCI Bharat Billpay Limited, NPCI International, SBI Payments and C-Edge Technologies Limited. Pandey was a permanent invitee to the board of SBI and other boards. Bank level committees.
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