 "BharatPe")
Fintech firm BharatPe Group said on Tuesday it completed acquiring a 51 per cent stake in Trillion Loans, a non-banking financial company (NBFC), in April.
Ravindra Pandey, Nalin Negi and Sabyasachi Senapati have been appointed to the board of Mumbai-based Trillion Loans, said BharatPe without disclosing the deal value. The company will operate as an independent entity with its own team under the board’s supervision. It will explore partnerships with other companies to enable credit for diverse businesses and consumers.
BharatPe said it has infused a substantial amount in Trillion Loans so that the NBFC can expand its loan book. Trillion Loans offers secured and unsecured loans to small businesses and consumer products such as auto, gold, and education loans.
“Providing access to credit to our merchant partners is key to our business model, and this acquisition will further propel our growth and accelerate our journey to profitability. Acquiring 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,” said Shashvat Nakrani, founder and COO of BharatPe.
BharatPe in 2019 launched a merchant lending vertical which facilitates loans worth more than Rs 500 crore every month to merchant partners.
“Trillion Loans will work independently and will be a technology-driven NBFC. BharatPe values its existing partnerships with NBFCs and financial institutions and this acquisition will have no impact on these relationships.
“I believe that there is a huge opportunity for Trillion Loans to further grow and address the close to $380 billion MSME credit gap as well as meet the diverse consumer credit demand in the country that has the largest youth population in the world. I would like to welcome the Trillion Loans team to the BharatPe family,” said Nakrani.
