Indian fintech unicorn BharatPe is expanding its horizons by reportedly launching a new lending division named BharatPe Money.
According to an Entrackr report, which first reported the development citing sources, The move involves separating its lending service provider (LSP) business from the main entity, creating a wholly-owned subsidiary dedicated to lending services.
The report added that BharatPe Money aims to cater to both merchants and consumers, offering a range of credit products tailored to their needs.
Who will lead BharatPe Money?
The leadership of BharatPe Money will be under the guidance of Kohinoor Biswas and Rijish Raghavan. Biswas, who joined BharatPe in May to head its consumer lending and Postpe operations, will reportedly serve as a director alongside Raghavan.
Meanwhile, Nalin Negi, the interim CEO of BharatPe and a director of the new subsidiary, is expected to exit from Resilient Digi Services, the group’s digital lending partner.
What will BharatPe Money offer?
BharatPe Money reportedly will offer tailor-made loan solutions for Micro, Small, and Medium Enterprises (MSMEs) and consumers, as well as additional services like credit card payments and utility bill payments. The company’s focus on digital lending is a strategic move to tap into the lucrative market of fintech services.
How is BharatPe performing financially?
The report comes after BharatPe reported significant financial growth, with the company turning EBITDA positive in October 2023 and reducing its EBITDA burn, which had averaged Rs 60 crore per month in FY23.
The company’s annualized revenue has seen a substantial increase, reaching over Rs 1,500 crore, marking a 31% growth year-over-year.
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