BharatPe has acquired a majority 51% stake in Trillion Loans, a Mumbai-based non-banking financial corporation (NBFC).
BharatPe has also appointed Ravindra Pandey, Nalin Negi and Sabyasachi Senapati on board of Trillion Loans.
Trillion Loans will operate as an independent entity with its own team under the supervision of the Board. Trillion Loans will also explore partnership opportunities with other fintech firms and institutions to enable credit across businesses and consumers, said BharatPe in a press statement.
The acquisition materialized in April and was first reported by Mint.
Trillion Loans offers a range of secured and unsecured loans to SMEs, including small business loans. On the consumer side, it deals in auto, gold, and education loans. BharatPe also made significant investment into Trillion Loans to grow its loan book.
Previously, Pandey held board seats at Yes Bank, National Payments Corporation of India (NPCI), NPCI International, NPCI Bharat BillPay Ltd, SBI Payments and C-EDGE Technologies. Negi is the CFO and interim CEO of BharatPe while Senapati heads BharatPe’s banking vertical.
“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.
