Telecom player Bharti Airtel and Bajaj Finance, India's largest private-sector Non-Banking Financial Company (NBFC) have struck a strategic partnership to create one of India's largest digital platforms for financial services, both companies informed through separate exchange filings on January 20.Under the partnership, Airtel will initially offer Bajaj Finance’s financial products on its Airtel Thanks App, and later through its nationwide network of stores. The combined strength of the digital assets will enable Airtel and Bajaj Finance deepen the penetration of financial products and services, said the companies.As part of the partnership, both companies will ensure data privacy and security, seamless customer service along with regulatory compliance.
The partnership brings together Airtel’s 370 million customer base, +12 lakh strong distribution network, and Bajaj Finance’s diversified suite of 27 product lines and distribution heft of +5,000 branches and 70,000 field agents.“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. Today, we are trusted by over 1 million customers and our vision is to make Airtel Finance a one-stop shop for all the financial needs of our customers,” Gopal Vittal, Vice Chairman and MD of Bharti Airtel said in a joint statement.
Rajeev Jain, Managing Director of Bajaj Finance said India’s digital ecosystem has been at the heart of data-driven credit underwriting and financial inclusion. “Our partnership with Airtel leverages India’s digital infrastructure for inclusive growth and brings together the expertise and reach of two of India’s leading and most trusted brands. Together with Airtel, we seek to be the financier of choice to India and enable millions to access financial services, even in remote areas,” Jain added. As of now, two products of Bajaj Finance have been piloted on the Airtel Thanks App, and by March, four products of Bajaj Finance will be available to customers on the app. These include a Gold Loan, a Business Loan, a co-branded Insta EMI Card and a Personal Loan. Airtel said it will offer close to 10 financial products of Bajaj Finance in this calendar year.
Airtel customers can apply for the Airtel-Bajaj Finserv Insta EMI card via the Airtel Thanks App and later through its nationwide network of stores. Airtel-Bajaj Finserv EMI card provides access to various offers available to Bajaj Finance customers. Users will benefit from 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. Additionally, the co-branded card is applicable for e-commerce transactions on multiple platforms.