Bharti Airtel, Bajaj Finance join hands for financial services

Mumbai: Telecom major Bharti Airtel on Monday announced a strategic partnership with private-sector Non-Banking Financial Company (NBFC) Bajaj Finance, to create a digital platform for financial services in order to transform last mile delivery of financial services, fostering digital inclusion.

“The one-of-a-kind partnership brings together Airtel’s highly engaged customer base of 370 million, 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 company said in a regulatory filing.

Per this partnership, Airtel will initially offer Bajaj Finance’s retail financial products on its Airtel Thanks App for 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, it stated.

Gopal Vittal, Vice Chairman and MD, Bharti Airtel, said, “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.”

Rajeev Jain, Managing Director, Bajaj Finance, said, “Our partnership with Airtel not only leverages India’s digital infrastructure for inclusive growth but also 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. We are excited to join hands with Airtel at a time when Bajaj Finance is harnessing the power of AI to enhance efficiencies and elevate customer experiences.”

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 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, it informed.

With this, Airtel customers will be able to apply for the Airtel-Bajaj Finserv Insta EMI card via the Airtel Thanks App and later through its network of stores. The 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. “As part of the partnership, both companies are committed to strong regulatory compliance, data privacy and security, and seamless customer service,” Bharti Airtel said.