BharatPe has acquired a 51% stake in Mumbai-based non-banking financial company, Trillion Loans.
The deal, which was completed in April, is in line with BharatPe's vision "to be at the forefront of addressing the credit gap for millions of businesses and consumers in the country", the fintech firm said in a statement on Tuesday.
Trillion Loans will continue to operate as an independent entity under the supervision of its board. Veteran banker Ravindra Pandey, BharatPe interim CEO and CFO Nalin Negi and its banking vertical head Sabyasachi Senapati have been appointed as part of the deal.
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Trillion Loans will explore partnerships with other fintech firms and other companies to enable credit across a diverse set of businesses and consumers, it said. "BharatPe has also infused a substantial amount of investment into Trillion Loans to enable the NBFC to grow its loan book."
Trillion Loans is backed by venture capital fund Matrix Partners. It offers secured and unsecured loans to small and medium enterprises, including small business loans as well as working capital loans. It also offers auto, gold, and education loans to individuals.
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