BharatPe To Launch ‘BharatPe Money’ Amid Its First-Ever Profitable Year
BharatPe, India’s one of the major FinTech players, is shaking things up. They’re launching a new subsidiary just for lending, called BharatPe Money. It’s like they’re giving their lending business its own space to grow.
This new entity of BharatPe will focus on loans for both individual users and small businesses. It’s going to include their existing services like Postpe and BharatPe Easy Loans.
To make this happen, they’ve set up a new subsidiary, Resilient Digi Services. Rijish Raghavan and Nalin Negi, who’s also the interim CEO of BharatPe, are running the show there.
Kohinoor Biswas and Rijish Raghavan will be the directors of this new venture, while Negi might be stepping down. It’s all about making sure everything’s running smoothly and transparently within the company.
BharatPe is also close to getting big approval from the Reserve Bank of India. They’re about to join the league of companies like Paytm, being able to handle both online and offline payments.
Meanwhile, BharatPe is also celebrating some good news. For the first time since its start in 2018, they’ve hit profitability. Their annual revenue’s crossed Rs 1,500 crore, and they’ve managed to reduce their losses big time, from Rs 60 crore per month last year to now making a profit. They’re thanking their payment products and the increasing transactions on their devices for this success.
Meanwhile, Ashneer Grover, BharatPe’s former MD, got slapped with a ₹2 lakh fine by the Delhi High Court. He was posting some not-so-great stuff about BharatPe on social media, even after promising the court he wouldn’t. However, the court didn’t stop him from posting in the future, considering his apology and commitment to change.
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Ashneer Grover has been in trouble before, like when he shared confidential info about BharatPe’s big funding round. This led to a lawsuit by BharatPe’s parent company. Plus, he’s been questioned by Delhi Police in a fraud case linked to some HR firms connected to his wife’s relatives.
