BharatPe picks up majority stake in Trillion loans
March 23, 2023
People familiar with the development told Livemint that the deal was pegged at about INR 300 Cr. Besides, BharatPe has already secured all necessary approvals from the Reserve Bank of India to acquire a 51% stake in the NBFC.
The move will enable BharatPe to make major inroads into the lending space as an NBFC licence makes it easier and less cumbersome for a platform to offer loans and credit facilities. It will also allow BharatPe to bypass over-reliance on certain NBFCs and enable it to scale its offerings on its terms.
Trillion Loans is the brainchild of Achal Mittal and Gautam Adukia and allows users to avail gold loans with direct money transfers.
Curiously, both Mittal and Adukia also founded the P2P lending platform Liquiloans, which also has a long-standing relationship with BharatPe. BharatPe’s P2P investment product is powered by Liquiloans and has even been in the spotlight for flouting P2P lending norms. Liquiloans also works closely with Kunal Shah-led fintech startup CRED.
While RBI has been cagey about granting NBFC or even P2P lending licences, Liquiloans has the RBI mandate for both such licences.
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