Bharti Airtel to offer Bajaj Finance’s loan products at its app, later at stores | Mint
Source: Live Mint
Telecom major Bharti Airtel is set to offer non-banking lender Bajaj Finance’s financial products in India, the companies said on Monday, reported Reuters.
At the start, Airtel will offer Bajaj Finance’s products through its mobile application, and later through its physical stores, both the companies said in a joint statement.
This partnership is expected to enable Bajaj Finance, the country’s largest private-sector non-banking financial company, to tap Airtel’s 375 million customers. The non-bank lender’s customer base stood at 97.12 million as of December-end, up from 80.31 million a year earlier.
Four categories of loans
As of now the two products of Bajaj Finance which have been piloted on Airtel’s app. By March, this number would go up to four —business loan, gold loan, co-branded EMI card, and personal loan.
Within this calendar year, Airtel plans to offer nearly 10 products of the non-banking financial company to its customers.
Rajeev Jain, Managing Director, Bajaj Finance, said, “India’s digital ecosystem has been at the heart of data-driven credit underwriting and financial inclusion. Together with Airtel, we seek to be the financier of choice to India and enable millions to access financial services, even in remote areas.”
Gopal Vittal, Vice Chairman and MD, Bharti Airtel, said, “Airtel and Bajaj Finance have the shared vision of empowering millions of Indians with a diverse portfolio of financial needs. The combined reach, scale and distribution strength of the two companies will serve as the cornerstone of this partnership and help us succeed in the marketplace. We are building Airtel Finance as a strategic asset for the group and will continue to invest in and grow the business.”
Bajaj Finance share price surged by 3.6 per cent, hovering around its all-time high after this strategic collaboration.
The firm mentioned in an exchange filing that this unique partnership combines Airtel’s extensive customer base, a robust distribution network, and Bajaj Finance’s array of offerings alongside its substantial distribution strength of more than 5,000 branches and 70,000 field agents.
