BharatPe launches standalone investment app, partners with NBFCs for FDs
What's the story
BharatPe, a leading payments and lending-focused fintech firm, has introduced a standalone investment app named Invest BharatPe.
The new platform will serve as the host for the company's investment products, including the popular peer-to-peer (P2P) lending product '12% club,' which has been rebranded under this new app.
The development comes after recent regulatory changes prompted several P2P lending platforms to pause new investments and fund pooling.
Product details
Invest BharatPe's offerings and partnerships
Currently, Invest BharatPe has two investment options: digital gold and fixed deposits.
The latter is provided in partnership with financial institutions like Shriram Finance, Mahindra Finance, Bajaj Finance, and Suryoday Small Finance Bank.
The fixed deposit offerings will begin with a minimum deposit of ₹1,000, catering to a larger set of investors.
Collaboration
Digital gold investment and company's mission
The new app also offers an option to invest in digital gold, a service that was previously available on the main BharatPe app. This feature is offered in partnership with digital platform Safegold.
A BharatPe spokesperson told Moneycontrol, "This is another step in BharatPe's mission to drive financial inclusion. We have launched the new app Invest BharatPe with the objective of helping the people of Bharat achieve better financial health."
Growth
BharatPe's financial performance and business expansion
BharatPe recently reported a 39% increase in operating revenue to ₹1,426 crore in FY24, up from ₹1,029 crore last year.
The company's pre-tax consolidated loss was also reduced by 50% to ₹474 crore from ₹941 crore in the same period last year.
Along with revamping its investment services, BharatPe has also bolstered its lending operations by forming a new subsidiary Resilient Digi Services Private Limited.
Subsidiary operations
Resilient Digi Services and BharatPe's business structure
Resilient Digi Services, which operates under the BharatPe Money brand, provides consumer and merchant lending services.
The subsidiary is headed by BharatPe's interim CEO Nalin Negi and Rijish Raghavan.
Currently, BharatPe has three entities - Resilient Innovations Private Limited (merchant app), Resilient Payments Private Limited (Payment division), and the newly-formed Resilient Digi Services Private Limited (lending unit).
The new app will continue to operate under Resilient Innovations.