BharatPe Group has announced the completion of the acquisition of a 51% stake in Trillion Loans, a Mumbai-based non-banking financial company (NBFC). The acquisition will allow BharatPe to strengthen its lending play and address the credit gap for millions of businesses and consumers in India.
Trillion Loans offers a range of secured and unsecured loans to small and medium-sized enterprises (SMEs) and also provides loans for retail customers such as auto, gold, and education loans. As part of the acquisition, BhartatPe’s Ravindra Pandey, Nalin Negi, and Sabyasachi Senapati will join the board of Trillion Loans.
Trillion Loans will operate as an independent entity with its own team under the supervision of the board. BharatPe has also infused a substantial amount of investment into Trillion Loans to enable the NBFC to grow its loan book. However, the company did not disclose the investment amount. The acquisition will enable Trillion Loans to explore partnerships with fintech firms and other companies to enable credit across a diverse set of businesses and consumers.
Shashvat Nakrani, founder and COO of BharatPe, said that acquiring controlling stake in Trillion Loans is aligned with the company’s larger purpose and will enable it to facilitate access to capital for a wider set of underserved and unbanked businesses, as well as customers.
Nakrani added that BharatPe will bring in the product and technology capabilities that will further empower Trillion Loans to launch new and path-breaking digital lending products that will cater to a diverse set of business owners and customers.
The acquisition of a majority stake in the NBFC is a positive development for BharatPe, which has been in the news for the wrong reasons over the last year or so.
The fintech startup has been involved in a high-pitched public and legal battle with its former managing director Ashneer Grover. BharatPe has also filed a criminal complaint against Grover and his family with the Economic Offences Wing (EoW) on 17 charges, including alleged criminal breach of trust, document fabrication, and embezzlement.
