BharatPe buys 51% stake in Trillion Loans

New Delhi, May 2

Fintech firm BharatPe on Tuesday said it has completed the acquisition of a 51% 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 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.

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 it will enable the company to facilitate access to capital to a wider set of underserved and unbanked businesses and customers. — PTI

Will operate independently

Post the buyout, Trillion Loans will operate as an independent entity with its own team under the supervision of the Board

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#Mumbai #State Bank of India SBI