Fintech major BharatPe has acquired a majority 51 per cent stake in Trillion Loans, a non-banking financial company. The acquisition is in line with the group’s vision to address the credit gap for Indian businesses and consumers, said BharatPe. Further, Ravindra Pandey, Nalin Negi and Sabyasachi Senapati have been appointed on the board of Trillion Loans.

The company has not disclosed the deal amount.

Ravindra Pandey is a senior banker, with a career spanning 37 years with the State Bank of India. Pandey has also served on the board of several large and reputed organisations. He was the director of the board at YES Bank, National Payments Corporation of India (NPCI), NPCI International, NPCI Bharat BillPay Ltd and SBI.

Trillion Loans will operate as an independent entity with its own team under the supervision of the board. It will explore partnerships with other fintech firms to enable credit across a diverse set of businesses and consumers. BharatPe has also infused a substantial amount of investment into Trillion Loans to enable the NBFC to grow its loan book.

Trillion Loans offers a range of secured and unsecured loans to SMEs, including small business loans as well as working capital loans. Additionally, the company also offers a range of products for consumers, such as auto, gold and education loans.

Access to capital

Commenting on the acquisition, Shashvat Nakrani, Founder and COO, BharatPe, said, “We had launched our merchant lending vertical in 2019 and it has grown exponentially over the course of the last 3+ years. Today, we facilitate loans of over ₹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. Acquiring controlling stake in Trillion Loans is aligned to the BharatPe Group’s larger purpose and will enable us to facilitate access to capital to a wider set of underserved and unbanked businesses as well as customers.”

Trillion Loans will work independently and will be a technology-driven NBFC. It will be open to partner with other fintechs and start-ups, so as to offer their customers a quick and streamlined experience. “BharatPe values its existing partnerships with NBFCs and financial institutions and this acquisition will have no impact on these relationships,” Nakrani added.