BharatPe Mumbai/IBNS: Fintech group BharatPe Wednesday said it has completed its acquisition of a majority stake in Trillion Loans, a renowned NBFC (Non-Banking Financial Company) based out of Mumbai. The deal was completed in the month of April.
“This acquisition is in line with BharatPe Group’s vision to be at the forefront of addressing the credit gap for millions of businesses and consumers in the country," BharatPe said.
Trillion Loans will operate as an independent entity with its own team under the supervision of the board.
It will explore partnerships with other fintech firms and other companies to enable credit across a diverse set of businesses and consumers. BharatPe has also infused a substantial amount of investment into Trillion Loans to enable the NBFC to grow its loan book, the statement said.
Trillion Loans is a fast-growing NBFC that offers a range of secured and unsecured loans to SMEs, including small business loans as well as working capital loans.
Additionally, the company also offers a range of products for consumers, such as auto, gold, and education loans.
Commenting on the acquisition, BharatPe founder and COO Shashvat Nakrani said, “We had launched our merchant lending vertical in 2019 and it has grown exponentially over the course of the last 3+ years. Today, we facilitate loans of over Rs. 500 crores every month to our merchant partners.”
Providing access to credit to company’s merchant partners is key to its business model, and this acquisition will further propel our growth and accelerate our journey to profitability, he added.
“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,” he added.
BharatPe will bring in the product and technology capabilities that will further empower Trillion Loans to launch new and path-breaking digital lending products that will cater to a diverse set of business owners and customer, he said.
“I believe that there is a huge opportunity for Trillion Loans to further grow and address the close to US$ 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,” he said.
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