BharatPe, a leading fintech company, has launched Invest BharatPe, its new investment app, consolidating its financial products to enhance investment options for consumers.
The app debuted with digital gold, allowing users to purchase 24K gold for as little as INR 100, making it an accessible option for many.
CEO Nalin Negi emphasized the app’s role in promoting financial inclusion among underserved populations in India. “During the festive season, many consumers look to invest in gold, making this the ideal time to introduce our new offering,” he stated.
In addition to digital gold, BharatPe plans to expand the app’s offerings with a range of investment products in the coming weeks. Among these will be the rebranded P2P lending product, previously known as the 12% Club.
A company spokesperson confirmed that while the 12% Club has halted new deposits in accordance with Reserve Bank of India (RBI) guidelines, existing users will continue to have access through the new app.
The RBI recently tightened regulations surrounding NBFC-P2P platforms, aimed at curbing practices such as promoting P2P lending as an investment with assured minimum returns.
BharatPe’s initiative appears to align with these regulatory requirements while maintaining user engagement.
BharatPe has shown significant financial growth, with consolidated revenue from operations rising 39% to INR 1,426 crore in the fiscal year 2023-24 (FY24), up from INR 1,029 crore in FY23.
Notably, the company’s EBITDA loss decreased by 75%, dropping from INR 826 crore in FY23 to INR 209 crore in FY24.
The fintech major is shifting its focus from solely servicing merchants to adopting a super app model.
This includes a variety of services such as UPI payments, bill payments, and credit card repayments, alongside an e-commerce section featuring vouchers for major brands like Amazon, HealthifyMe, Zomato, and others.
