Bajaj Finance Rings Airtel's 370mn Customers for Financial Products

Moneylife Digital Team 20 January 2025

Economy & Nation

Bajaj Finance Ltd (BFL), the country's largest private-sector non-banking financial company (NBFC), has partnered with Bharti Airtel Ltd, the country's second-largest telecom operator, to provide financial products through a digital platform to Airtel's 370mn (million) customers.

Initially, Airtel will offer Bajaj Finance's retail financial products on its Airtel Thanks App for a seamless and secure customer experience and, later, through its 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 companies say in a joint statement.

According to Gopal Vittal, vice-chairman and managing director (MD) of Airtel, the combined reach, scale and distribution strength of the two companies will serve as the cornerstone of the partnership and help the telco 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 1mn customers and our vision is to make Airtel Finance a one-stop shop for all the financial needs of our customers."

In a post on X, Sanjiv Bajaj, chairman and managing director (CMD) of Bajaj Finserv, says, "Bajaj Finance & Bharti Airtel ink a strategic partnership to create one of India's largest digital platforms for financial services. Together, we will bring BFL's financial solutions to Airtel's 370mn customers."

So far, two products of Bajaj Finance have been piloted on the Airtel Thanks App. "By March, four products of Bajaj Finance will be available to customers on the Airtel Thanks App. These include a gold loan, a business loan, a co-branded insta EMI card and a personal loan. Airtel will progressively offer close to 10 financial products of Bajaj Finance within this calendar year," the companies say.

According to the statement, Airtel customers can apply for the Airtel-Bajaj Finserv Insta EMI card via the Airtel Thanks App and later through its nation-wide network of stores. Airtel-Bajaj Finserv EMI card will provide access to a range of offers available at present to customers of Bajaj Finance.

"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. Airtel Thanks App now also enables customers to secure a gold loan, empowering new-to-credit customers to access finance and integrate with the formal financial system," the companies added.

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