Fintech firm BharatPe on Tuesday said it has completed the acquisition of a 51 per cent stake in Mumbai-based non-banking financial company Trillion Loans.
Veteran banker Ravindra Pandey, who superannuated recently from the 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 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," BharatPe founder and COO Shashvat Nakrani said in a statement.
The company in the statement said that it has acquired a 51 per cent stake in Trillion Loans.
Post the acquisition, Trillion Loans will operate as an independent entity with its own team under the supervision of the board.
"Today, we facilitate loans 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 will further propel our growth and accelerate our journey to profitability," Nakrani said.
He said acquiring a controlling stake in Trillion Loans is aligned with the BharatPe Group's larger purpose and will enable the company to facilitate access to capital to a wider set of underserved and unbanked businesses as well as customers.
"Trillion Loans will work independently and will be a technology-driven NBFC. It will be open to partner with other fintechs and start-ups, so as to offer its customers a quick and streamlined experience. BharatPe values its existing partnerships with NBFCs and financial institutions and this acquisition will have no impact on these relationships," Nakrani said.