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BharatPe Acquires 51% Stake In Mumbai-based NBFC Trillion Loans
The purchase of the NBFC will strengthen BharatPe's lending portfolio by allowing the firm to issue loans and credit facilities without relying on third-party partners
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BharatPe Group has acquired majority stake in Mumbai-based NBFC, Trillion Loans. However, the NBFC will operate as an independent entity with its own team under the supervision of the board. The company said in a statement that Nalin Negi will be the Chief Financial Officer and interim CEO of the newly-acquired startup.
According to media reports, the transaction was completed in April and was valued at approximately Rs 300 crore. The purchase of the NBFC will strengthen BharatPe's lending portfolio by allowing the firm to issue loans and credit facilities without relying on third-party partners.
Trillion Loans, which is owned by Achal Mittal and Gautam Adukia, provides secured and unsecured loans to SMEs as well as other categories such as vehicle, gold, and education. It made a profit of Rs 74 lakh on revenue of around Rs 7 crore in FY22.
Mittal and Adukia also run the P2P (peer-to-peer) NBFC Liquiloans, which provides funding for BharatPe's P2P lending product, the 12 per cent Club.
The Tiger Global-backed fintech giant has announced that it will bring in product and technological skills to the NBFC in order for it to develop new digital lending products.