Telecom giant Bharti Airtel and major private NBFC Bajaj Finance have on January 20 announced a strategic partnership to create one of India’s largest digital platforms for financial services, the companies said in a release.
Bajaj Finance share price surged by 3.6 per cent, hovering around its all-time high after Bharti Airtel, a leading telecom company, announced a strategic collaboration with the private-sector Non-Banking Financial Company today. Bajaj Finance share price opened at an intraday low of ₹7,182.10 apiece on the BSE, the stock touched an intraday high of ₹7,442.60.
The partnership brings together Airtel’s telecom customer base of 370 million and over 12 lakh strong distribution network, with Bajaj Finance’s diversified suite of 27 product lines, and distribution heft of over 5,000 branches and 70,000 field agents, the statement added.
As per the partnership, Airtel will begin by offering Bajaj Finance’s retail financial products on its Airtel Thanks App. This will later be expanded to the telecom giant's nation-wide network of stores.
“The combined strength of the companies’ digital assets will enable Airtel and Bajaj Finance to significantly deepen penetration of financial products and services,” the release said.
According to Gopal Vittal, Vice Chairman and MD, Bharti Airtel the two companies “share vision” to empower “millions of Indians with a diverse portfolio of financial needs”. He added that Airtel Finance is a strategic asset for the group and has over 1 million customers. “…Our vision is to make Airtel Finance a one-stop shop for all the financial needs of our customers,” Vittal stated.
While Rajeev Jain, MD of Bajaj Finance noted that the partnership with Airtel will “leverage India’s digital infrastructure for inclusive growth” and bring together the expertise and reach of two of India’s leading and trusted brands.
As far as the plan goes, two Bajaj Finance products have been rolled out on the Airtel Thanks App. And another four financial products will be made available on the app by March 2025, as per the release.
The four new products include Gold Loan, Business Loan, a co-branded Insta EMI Card and Personal Loan. Airtel will progressively offer close to 10 financial products of Bajaj Finance within this calendar year, as per the roadmap.
Airtel customers can also apply for the Airtel-Bajaj Finserv Insta EMI card via the Airtel Thanks App and later through its nation-wide network of stores. This card offers users flexible EMI options and payment plans for purchasing various goods, including electronics, furniture and groceries at over 1.5 lakh partner stores across more than 4,000 cities. It can also be sued for e-commerce transactions on multiple platforms.
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