BharatPe Buys Majority Stake in Mumbai-based NBFC Trillion Loans
- ByStartupStory | May 2, 2023
On Tuesday, BharatPe announced that it has acquired a 51% stake in Trillion Loans, a Mumbai-based NBFC, to help address the credit gap for local businesses and consumers. Last month, BharatPe acquired a 51% stake in Mumbai-based non-banking financial company Trillion Loans, which offers secured and unsecured loans to small and medium-sized businesses as well as gold, auto, and education loans to consumers.
Trillion Loans, which BharatPe has acquired a majority stake in, will operate as an independent entity with its own team, overseen by a board of directors appointed by BharatPe. The company will also seek partnerships with other fintech firms to expand access to credit for different types of businesses and consumers. BharatPe has invested a significant amount of capital in the company to help grow its loan book.
Shashvat Nakrani, the COO and founder of BharatPe, stated that providing credit access to their merchant partners is essential to their business model, and the acquisition of Trillion Loans will boost their growth and accelerate their journey to profitability. BharatPe will use its expertise in product and technology to help Trillion Loans introduce new digital lending products into the market. Nakrani further added that he sees a huge opportunity for Trillion Loans to address the MSME credit gap of nearly $380 billion and meet the diverse consumer credit demand in India.
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