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BharatPe has launched a new app, Invest BharatPe, consolidating its investment offerings.
BharatPe plans to add additional investment products to Invest BharatPe in the coming weeks.
A company spokesperson told Inc42 that the app will also include the company’s P2P lending product.
Fintech major BharatPe
has launched a new app, Invest BharatPe, consolidating its investment offerings.
In a statement, the company said that it has launched digital gold as the first product on the platform. It said that consumers can buy 24K digital gold for as low as INR 100.
“The investment platform is in line with our objective of driving financial inclusion for the underserved across the country. During the festive season, a large number of consumers plan and invest in gold, making it the perfect time to introduce this new offering,” said BharatPe CEO Nalin Negi.
BharatPe plans to add additional investment products to Invest BharatPe in the coming weeks.
A company spokesperson told Inc42 that the app will also include the company’s rebranded P2P lending product, formerly known as ‘12% Club’.
“12% Club has halted taking deposits as per the guidelines of our NBFC partners. The existing users continue to have access to it through the new app,” the spokesperson added.
It is pertinent to note that the Reserve Bank Of India (RBI) tightened the guidelines for NBFC-P2P platforms earlier this year to stop practices like promotion of P2P lending as an investment product along with features like tenure linked assured minimum return, among others.
BharatPe’s consolidated revenue from operations grew 39% to INR 1,426 Cr in the fiscal year 2023-24 (FY24) from INR 1,029 Cr in FY23. Meanwhile, EBITDA loss declined 75% to INR 209 Cr from INR 826 Cr in FY23.
Like a number of other fintech startups, BharatPe has also taken the super app route.
While the company was earlier focussed on merchants, it is now offering services like UPI payments, bill payments, and credit card repayments.
The fintech major has also added an ecommerce section where the company is selling vouchers for Amazon, HeathifyMe, ixigo, Nykaa, Zomato, as well as several modern retail and D2C brands.
Recently, the company settled its two-year long legal dispute with Ashneer Grover.
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