Resilient Innovations Parent Company of BharatPe is Looking to Sell its Unity SFB's Stake

Resilient Innovations, the parent company of fintech giant BharatPe, is apparently seeking to sell its ownership of Unity Small Finance Bank (Unity SFB). According to a media report, which cited people familiar with the situation, the business is considering selling 25% of its bank holding in order to earn $800 million. It is important to remember that 49% of Unity SFB is owned by Resilient Innovations. The regulatory mandate for BharatPe to reduce its stake in the bank to 10% by 2029 is in line with this unloading. BharatPe must reduce its ownership of the bank to 10% within eight years of the bank's opening in order to comply with licensing regulations. The fintech business will continue to work with the bank after reducing its investment because the deal is being completed to comply with regulatory standards.

BharatPe on Expansion Spree

Prior to the bank going public, BharatPe intends to sell off a sizable portion of its ownership. In addition to BharatPe, Centrum Financial Services supports Unity SFB. In 2021, the bank received an SFB licence from the Reserve Bank of India (RBI). The development coincides with BharatPe's current expansionary phase. The financial titan enhanced its investment portfolio a few months ago with the release of Invest BharatPe, a new app. In addition, the organisation declared that digital gold was the initial product which the firm has launched recently on its platform.

Offerings of BharatPe

In addition to UPI payments, bill payments, and credit card repayment possibilities, the fintech firm BharatPe also investigated the super app wave by incorporating an e-commerce sector onto its platform. Additionally, through NBFC partners including L&T Finance, CASHe, and True Credit, it provides unsecured personal loans up to INR 15 lakh. In FY24, BharatPe reported a consolidated revenue of INR 1,426 Cr, a 39% increase over FY23's INR 1,029 Cr.

Settling Dispute with Ashneer Grover

Days after Grover's brother-in-law was detained by the Delhi Police's Economic Offences Wing (EOW) on suspicion of embezzling money from the fintech company, BharatPe and its former co-founder, Ashneer Grover, have reached a settlement in their long-running legal battle. 

Grover will not have any affiliation with BharatPe or ownership of any of its shares as part of the settlement, according to the Gurugram-based business. For the interest of the business, some of Grover's shares will be moved to the Resilient Growth Trust, while his family trust will oversee the remaining shares. According to a statement from BharatPe, both parties have chosen not to pursue the filed complaints.

"BharatPe and I have come to a definitive agreement. Grover posted on the social media platform X, "I have complete faith in the board and management, who are doing a fantastic job of moving BharatPe in the right direction." 

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StartupTalkyNitin Konde