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After a $370 million investment round headed by Tiger Global, India s BharatPe is valued at over $2 billion swarajyamag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swarajyamag.com Daily Mail and Mail on Sunday newspapers.
BharatPe banks on engineers
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In June, a three-year old fintech startup won a rare banking licence from the RBI a prize that has eluded many of India’s biggest business barons.
BharatPe now plans to launch India’s first merchant-focussed bank in the next three to four months. We spoke to several experts to make sense of the company’s foray into traditional banking.
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Govts need to hold
(L-R) BharatPe cofounder Ashneer Grover, Centrum Group chairman Jaspal Bindra, BharatPe group president Suhail Sameer
Synopsis
The story of how BharatPe, a three-year-old fintech startup, partnered 44-year-old NBFC Centrum Finance to acquire a banking licence and make a play for the troubled PMC Bank has more to it than meets the eye.
ETtech
(L-R) BharatPe cofounder Ashneer Grover, Centrum Group chairman Jaspal Bindra, BharatPe group president Suhail Sameer
Mumbai | Bengaluru:BharatPe’s
proposed joint venture with non-banking financial company Centrum Finance to set up a small finance bank and acquire troubled Punjab and Maharashtra Co-operative (PMC) Bank is a landmark event for fintech players harbouring banking ambitions.
The deal, however, has not been easy to stitch up.