🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

BharatPe to offer two-wheeler loans and loans against mutual funds for merchants

EntrackrEntrackr · 10m ago
BharatPe to offer two-wheeler loans and loans against mutual funds for merchants
Medial

Fintech unicorn BharatPe has announced its foray into facilitation of secured loans for merchant partners on its platform. The company has launched facilitation of two-wheeler loans and loans against mutual funds (LAMF) for its existing merchant partners in the first phase. BharatPe has partnered with OTO Capital, a digital commerce and lending platform, for enabling two-wheeler loans while it has tied up with Volt Money to facilitate Loans Against Mutual Funds to its merchant partners. According to BharatPe, its merchants can now avail two-wheeler loans of up to Rs 2.5 lakh at competitive interest rates for a repayment period between 12- 48 months. With the launch of loans against mutual funds, these merchants can also avail loans of up to Rs 1 crore. The firm added that the loan disbursal and collections will be taken care of by the partner at their end. The Peak XV and Tiger Global-backed company is set to expand its offerings over the next three months, introducing a diverse range of products and lenders to meet the needs of merchants. Recently BharatPe invested around $8-9 million in its non banking financial (NBFC) arm Trillion Loans and increased its stake in the Mumbai-based firm to nearly 60%. Entrackr exclusively reported the development. It also raised Rs $10 million in debt through non-convertible debentures from Trifecta Venture and InnoVen Capital.

1

Related News

BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%

EntrackrEntrackr · 8m ago
BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%
Medial

Fintech firm BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing from Rs 119 crore in FY21 to Rs 1,426 crore in the fiscal year ending March 2024. In its consolidated annual report for FY24, BharatPe claimed a 39% year-on-year revenue increase, rising from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Additionally, the company made significant progress in reducing losses, with consolidated losses dropping by 50% to Rs 474 crore in FY24, down from Rs 941 crore in FY23. According to the press release, BharatPe’s average merchant lending portfolio, generated from loans facilitated through its platform, grew by 40% year-on-year in the last fiscal year. The company also achieved positive EBITDA in October of this year. “We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical,” said Nalin Negi, CEO of BharatPe. In addition to reducing losses, BharatPe has diversified into new categories to drive business growth. Recently, the company rebranded its PostPe app to BharatPe, marking its entry into the consumer payments space. This strategic move places BharatPe in direct competition with industry giants like PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments ecosystem. The fintech unicorn has also ventured into secured lending for its merchant partners. Through partnerships with OTO Capital and Vol Money, BharatPe now facilitates two-wheeler loans and loans against mutual funds, respectively. Additionally, BharatPe has resolved its longstanding dispute with former co-founder and managing director Ashneer Grover.

DSP Mutual Fund acquires Volt Money

EntrackrEntrackr · 4m ago
DSP Mutual Fund acquires Volt Money
Medial

DSP Mutual Fund has acquired Volt Money, a platform providing instant secured loans against mutual funds, according to three sources aware of the development. “The two companies were in talks for the past few months and the deal ultimately closed last month. Following the acquisition, Volt Money key team members will join DSP Mutual Fund,” said one of the sources requesting anonymity as talks are private. Volt Money collaborates with lenders and distribution partners to provide instant secured loans with favorable terms. The company offers credit lines ranging from Rs 25,000 to Rs 1 crore, with interest rates starting at 9% and flexible repayment options. Led by Lalit Bihani, Ankit Agarwal, and Bharat Lamba, the firm raised $1.5 million in a Seed round led by Titan Capital and All In Capital, with participation from individuals including Praveen Jadhav of Raise Ventures, Aditi Kothari of DSP Adiko Holdings, Gemba Capital, Kunal Shah of Cred, and Ashish Kehair and Rahul Jain from Nuvama Wealth. Managed by DSP Investment Managers, DSP Mutual Fund offers investment products across equity, debt, hybrid, and international funds. According to sources, the deal did not provide significant returns for investors. “Volt was unable to secure a follow-on round after its seed funding, but this is a reasonable outcome for the founders,” said another source who wished to remain anonymous. Queries sent to Volt Money and DSP Mutual Fund did not elicit responses until publication of the story. Volt Money competes with Quicklends and DhanLap. Last year, fintech unicorn BharatPe also entered the loans-against-mutual-funds space through a partnership with Volt Money.

Yenmo raises Rs 9.2 Cr led by Y Combinator

EntrackrEntrackr · 4m ago
Yenmo raises Rs 9.2 Cr led by Y Combinator
Medial

Yenmo, which provides instant loans against mutual funds, has raised Rs 9.2 crore in a funding round led by Y Combinator, with participation from Pioneer Fund, Zaka VC, and other angel investors. The proceeds will be utilized to expand product offerings, enhance technology, drive market growth, and strengthen operational scale and the team, Yenmo said in a press release. Co-founded in 2022 by Ashutosh Purohit and Aryan Agarwal, Yenmo is dedicated to providing the best credit products in India. Starting with loans against mutual funds, it is expanding into secured credit products over stocks, insurance, and digital assets. Customers can access loans digitally through the Yenmo app, available on Android and iOS. The Bengaluru-based startup aims to make loans a tool for empowerment. As the company adds new products, its commitment to ethical practices will remain at the forefront of its design and delivery. Yenmo is addressing gaps in the lending industry by offering loans against mutual funds with interest rates as low as 10.5%, significantly lower than the 30%+ charged on personal loans. The platform designs solutions based on customer feedback to eliminate pain points, supported by real human assistance rather than automated bots. Yenmo plans to introduce new secured lending products, including loans against stocks and other financial instruments. It also offers a savings account feature that combines higher interest earnings with liquidity access. The company has built and refined its digital platform to provide a seamless 10-minute loan application process, ensuring security and efficiency.

Download the medial app to read full posts, comements and news.