Peak XV Partners-backed fintech start-up BharatPe is planning to launch a new lending vertical called BharatPe Money, separating it from the main entity as a 100 per cent owned subsidiary, Entrakr reported the news citing sources.

The report added that the lending division will include services for merchants and consumers, such as BharatPe consumer face Postpe and BharatPe Easy Loans. The new subsidiary, Resilient Digi Services Private Limited, has been incorporated for this purpose, with directors Rijish Raghavan and Nalin Negi.

BharatPe Money offers tailor-made credit products for MSMEs and consumers, along with value-added services like credit card payments and utility bill payments. 

The move is seen as part of strengthening corporate governance, and BharatPe is reportedly close to securing RBI approval for payment aggregator and payment gateway licenses. 

The company recently recorded its first profitable month in October, with annualised revenue exceeding Rs 1,500 crore and a reduced EBITDA burn.

The company in its statement has said that it will continue taking strides toward being a market-leading financial services platform for the 50 million small businesses across India.

It has experienced consistent growth in its lending vertical over the past several months. In October, it facilitated loans exceeding Rs. 640 crores for its merchants in partnership with its NBFC partners, demonstrating a spike of 36 per cent Y-o-Y. BharatPe has facilitated loans totaling over Rs. 12,400 crores since its foray into this segment in late 2019. 

Additionally, it recorded growth across verticals - including its payment products. The company also saw remarkable growth in the number and amount of transactions done on its soundbox devices. BharatPe, in October, also recorded a monthly TPV of over Rs. 14,000 crores across its diverse range of payment products.