Friday, April 19, 2024
Outlook.com
Outlook India
Outlook Business

BharatPe To Unveil New Venture 'BharatPe Money' to Expand Lending Vertical: Report

The lending section will offer consumer and merchant services like BharatPe Easy Loans and BharatPe Consumer Face Postpe.

BharatPe To Unveil New Venture 'BharatPe Money' to Expand Lending Vertical: Report
POSTED ON December 01, 2023 10:59 AM

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. 

  • Related Articles

    The annualised revenue of BharatPe has surged past Rs. 1,500 crore, a growth of 31 per cent from FY23

    BharatPe Cuts Down EBITDA Burn, Averaging Rs 60 Crore Monthly In FY23; Clocks First Profitable Month In October

    This legal action follows Grover's sharing of details on social media about the equity allocation and secondary components associated with BharatPe's recent Series E funding round

    BharatPe Takes Legal Action Against Ashneer Grover Over Disclosure Of Confidential Information

    In December 2022, BharatPe lodged a criminal complaint against Ashneer Grover, his wife, and her family members, alleging their involvement in a ₹81.28 crore fraud

    BharatPe's Co-Founder Ashneer Grover And Wife Stopped at Airport While En Route To New York: Report