BharatPe, a payments and lending fintech, announced the debut of its new investing platform, Invest BharatPe with digital gold serving as the app's first product.
The Delhi-based fintech launched digital gold in collaboration with Safegold, allowing clients to buy and trade gold online.
The app will also contain Fintech's financing platform, 12% Club. The action comes months after the Reserve Bank of India (RBI) tightened standards for peer-to-peer (P2P) lending, causing a halt in onboarding users for 12% Club.
"The investing platform aligns with our goal of promoting financial inclusion for the underserved across the country. During the Christmas season, a big number of users plan and invest in gold, making it an ideal moment to launch this new offering," said Nalin Negi, BharatPe's CEO.
In August, the company introduced secured credit options for its merchants, including two-wheeler loans and loans against mutual funds (LAMF), in collaboration with lenders such as OTO Capital and Volt Money.
In 2022, the company partnered with non-banking financial institutions (NBFCs) to expand into the gold lending market for its merchants. The business had promised to offer loans up to Rs 20 lakh in exchange for a gold commitment.
After reporting a loss of Rs 826 crore in FY23, BharatPe recorded a combined earnings before interest, taxes, depreciation, and amortization (Ebitda) of Rs 209 crore in FY24.
The company also reported an 85% year-over-year (Y-o-Y) reduction in cash burn. Compared to the previous year, the average merchant lending portfolio from loans made on BharatPe's platform grew by 40%.
