BharatPe to launch a new lending company, BharatPe Money: Report
BharatPe Money will likely offer tailor-made loan solutions to MSMEs and consumers and added services, including credit card and utility bill payments.
Fintech firmis launching a new lending company, called BharatPe Money, to lend to consumers and merchants, Entrackr reported on Thursday, citing sources aware of the development.
The new company will be part of the BharatPe Group.and BharatPe Easy Loans will also be part of BharatPe Money, the report added.
A representative of the company declined to comment on the Entrackr story.
Kohinoor Biswas, who joined BharatPe in May this year to lead its consumer lending and Postpe operations, will be the new company's director, along with Rijish Raghavan.
The group's digital lending partner, Resilient Digi Services, will see the exit of Nalin Negi as a result of the shuffle, the report said.
"All these activities are part of strengthening internal corporate governance in the company. So, anyone who will be part of Resilient Innovations can’t be part of the new entity,” Entrackr reported quoting the source.
Digital lending has become a lucrative revenue stream for fintech startups that have been increasingly losing market share to other players.
BharatPe Money will likely offer tailor-made loan solutions to MSMEs and consumers, as well as added services, including credit card and utility bill payments.
In May, BharatPe notified the media that it had completed acquiring a majority stake in Mumbai-based NBCF, Trillion Loans, which it said would continue operating as a separate entity. The deal was pegged at about Rs 300 crore, Entrackr reported, citing another publication.
The startup recently said it has turned EBIDTA positive in October 2023, with an annualised revenue surge of Rs 1,500 crore, up 31% from the last year.
Edited by Suman Singh