Airtel and Bajaj Finance Collaborate to Provide Financial Services
Non-banking financial firm (NBFC) Bajaj Finance and telecom giant Bharti Airtel have launched a strategic alliance to provide its clients with digital financial services. The two businesses asserted in a joint statement that the partnership will open the door for the development of the biggest financial services digital platform in India. The telecom giant will first make Bajaj Finance's financial solutions available on its Airtel Thanks app as part of the cooperation. After that, the telecom would also provide the 27 products offered by Bajaj Finance at its retail locations. A service pilot has already been started by the companies. The Airtel Thanks app currently offers two financial products, but by March of this year, four more will be available on the app: personal, business, and gold loans, as well as a co-branded "Insta EMI" card. By the end of 2025, Airtel intends to provide about ten of Bajaj Finance's financial products.
Marking Phygital Presence in Financial Sector
Through this collaboration, Airtel and Bajaj Finance hope to increase the uptake of financial services and products by utilising their physical presence. According to the companies, the agreement will allow them to connect new users with the official financial system and access new-to-credit clients. According to the statement, both businesses are dedicated to providing seamless customer service, robust regulatory compliance, and data privacy and security as part of their cooperation. Additionally, the two will use artificial intelligence (AI) to "improve customer experiences and increase efficiencies." The combined reach, scale, and distribution strength of the two businesses will be the foundation of this cooperation and aid in its success in the market, according to Gopal Vittal, managing director and vice chairman of Bharti Airtel. In addition to investing in and expanding the company, Airtel is establishing Airtel Finance as a strategic asset for the group. Rajeev Jain, MD of Bajaj Finance, commented on the agreement, saying that it not only uses India's digital infrastructure for inclusive growth but also combines the reach and experience of two of the country's most reputable and well-known businesses. In partnership with Airtel, Bajaj Finance aims to become India's preferred financier and provide financial services to millions of people, especially in rural areas.
Growing Nexus of Fintech Market
In an effort to take advantage of the rising demand for online financial services, an increasing number of Indian conglomerates are entering the fintech space. Reliance is also engaged in the pursuit of a portion of the fintech market through Jio Financial Services. Fintech ventures received 21% of the $12 billion in funding that Indian entrepreneurs raised in 2024, demonstrating the magnitude of the industry. Last year, the industry closed 162 agreements totalling $2.5 billion. By 2030, the domestic fintech ecosystem is expected to reach a $2.1 trillion market potential, according to various media reports.
Nitin Konde
