A Mumbai-based non-banking financial corporation (NBFC) called Trillion Loans has seen BharatPe purchase a majority 51% stake in the company.
Additionally, Sabyasachi Senapati, Nalin Negi, and Ravindra Pandey have been added to the Trillion Loans board by BharatPe.
Trillion Loans will function as a separate organization with a separate staff under the direction of the Board. According to a press release from BharatPe, Trillion Loans will also look into joint venture opportunities with other FinTech companies and institutions to enable credit for both consumers and businesses.
The acquisition actually happened in April, and Mint was the first to report it.
Small business loans are among the secured and unsecured loans that Trillion Loans provide to SMEs. On the consumer side, it offers loans for cars, jewelry, and education. To expand its loan book, BharatPe also made a sizable investment in Trillion Loans.
Pandey previously held board positions at SBI Payments, C-EDGE Technologies, National Payments Corporation of India (NPCI), NPCI International, and NPCI Bharat BillPay Ltd. Senapati oversees BharatPe’s banking vertical, while Negi serves as the company’s CFO and acting CEO.
“We 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 Rs. 500 crores every month to our merchant partners…,” BharatPe’s founder and COO Shashvat Nakrani said in a statement.
