Tuesday, July 23, 2024
HomeNewsBharatPe to launch new entity BharatPe Money for lending vertical

BharatPe to launch new entity BharatPe Money for lending vertical

BharatPe, a fintech company, is set to launch a lending vertical by separating its LSP (lending service provider) business into a new 100% owned subsidiary, according to sources aware of the development.

“The brand name will be BharatPe Money which will be a complete lending division for merchants as well as consumers,” said one of the sources. The person requested anonymity. “BharatPe consumer face Postpe will be part of this new entity along with BharatPe Easy Loans.”

The new entity, Resilient Digi Services Private Limited, has been incorporated, with Rijish Raghavan and Nalin Negi serving as directors.

BharatPe Money’s website outlines the offerings, including tailored credit products for MSMEs and consumers, along with additional services like credit card and utility bill payments.

“Kohinoor Biswas along with Rijish Raghavan will lead the new entity as directors while Nalin Negi is most likely to exit from Resilient Digi Services,” said another source. “All these activities are part of strengthening internal corporate governance in the company. So, anyone who will be part of Resilient Innovations can’t be part of the new entity,” the person added.

New CXOs, including Biswas, joined BharatPe in May to lead consumer lending and Postpe initiatives. 

The company is on the verge of securing final approval from the Reserve Bank of India (RBI) for payment aggregator and payment gateway licenses, aiming to become the second offline and online payment aggregator after Paytm.

BharatPe is making a comeback, achieving its first profitable month in October. The company’s annualized revenue has exceeded Rs 1,500 crore, showcasing a growth of over 30% compared to FY23. Notably, BharatPe has successfully reduced its EBITDA burn from Rs 60 crore per month in the last fiscal year to EBITDA positive recently.

The company attributes its profitability to the success of payment products and the increased volume and value of transactions conducted on its soundbox devices.

Subscribe To Newsletter

ICYMI

BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.