Fintech firm, BharatPe has introduced a new standalone investment app—Invest BharatPe-- to host company’s investment offerings. This app will include the popular P2P lending product ‘12% club’ which now stands rebranded under the new app This comes few months after P2P lending platforms had put a pause on new investments and fund pooling to adhere to the RBI's stricter guidelines.
Competitors in the space, like Mobikwik’s Xtra, had updated their withdrawal policies, while Cred had put a hold on accepting new deposits. BharatPe, which had previously slowed down onboarding for 12% Club earlier in July, has now temporarily halted it altogether as it navigates the compliance landscape.
According to sources, the app had already partnered with a roster of financial players, including Shriram Finance, Bajaj Finance, Mahindra Finance, and Suryoday Small Finance Bank. The new fixed deposit offerings, which is currently a part of upcoming investment suite, will start with a minimum deposit of just Rs 1,000, targeting a broader range of investors.
The new app will also have the option of investing in digital gold in collaboration with digital platform Safegold, a previous offering under the main app.
The development also comes amid BharatPe's improving financials. The fintech firm reported a 39 percent jump in operating revenue to Rs 1,426 crore in FY24 from Rs 1,029 crore a year earlier. It also narrowed its consolidated loss before taxes by 50 percent to Rs 474 crore from Rs 941 crore in the year-ago period.
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