The fintech major will facilitate two-wheeler loans and loan against mutual funds (LAMF) in the first phase of launch
The lending process will be enabled on BharatPe’s platform and later, both the partner companies will handle disbursal and collection
Recently, BharatPe made its second investment in Trillion Loans, increasing its stake to 60% in the Mumbai-based NBFC
Days after increasing stake in its NBFC arm Trillion Loans, fintech unicorn BharatPe
has now rolled out loan facilities for its merchant partners.
For this, the Gurugram-based company has partnered with OTO Capital and Volt Money to facilitate two-wheeler loans and loan against mutual funds (LAMF), respectively, for its existing merchant partners.
In the first phase of this launch, BharatPe claims to facilitate two wheeler loans of up to INR 2.5 Lakh and to INR 1 Cr loan against mutual funds. The lending process will be enabled on BharatPe’s platform and later, both the partner companies will handle disbursal and collection, the company said in a statement.
The company further plans to expand loan offerings to different sectors, it added.
“I am excited about the launch of the secured loans offerings as this further bolsters the credit portfolio enabled by BharatPe and underscores our commitment to enable credit access to our merchants,” said BharatPe’s chief executive officer Nalin Negi.
This comes close on the heels of BharatPe making its second investment in Trillion Loans, increasing its stake to 60% in the Mumbai-based NBFC.
Also, last month, BharatPe raised a debt funding of INR 85 Cr (around $10.1 Mn ) from Trifecta Venture and InnoVen Capital through issuance of non-convertible debentures (NCDs). This was the company’s second debt raise this year, after securing $100 Mn from InnoVen Capital and Credit Saison in January.
In April, BharatPe also launched ‘BharatPe One’, an all-in-one payment device that integrates point-of-sale (PoS), QR code scanner, and speaker.
In May, BharatPe settled its long-standing legal disputes with PhonePe regarding the use of the trademark with the suffix ‘Pe’ in their brand names.
It is pertinent to note that in the same month, PhonePe also partnered with Volt Money to offer loans against mutual funds to its customers.
In January, BharatPe posted a 125% jump in its operating revenue for FY23 to INR 1,028.9 Cr against INR 456.8 Cr in the previous fiscal year.
