Bharti Airtel (Airtel) and Bajaj Finance Ltd. have announced a strategic partnership to create a digital financial services platform in India and improve last-mile delivery.
This unique collaboration combines Airtel's customer base of 375 million, a distribution network of over 12 lakh, and Bajaj Finance's 27 product lines, distribution network of 5,000+ branches, and 70,000 field agents.
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Initially, Airtel will offer Bajaj Finance's retail financial products on its ‘Airtel Thanks App’ for a seamless customer experience. Later, these products will be available across Airtel's nationwide network of stores. By leveraging their digital assets, Airtel and Bajaj Finance aim to increase the penetration rate of financial products and services.
Gopal Vittal, Vice Chairman and MD of Bharti Airtel, stated that the partnership aims to empower millions of Indians with various financial needs. The combined reach and strength of both companies will serve as the foundation of this partnership. Airtel Finance is seen as a strategic asset for the group, aligning with its plans for further investment and growth.
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Finance for All
Rajeev Jain, Managing Director of Bajaj Finance, highlighted the importance of India's digital ecosystem in facilitating financial inclusion. The partnership with Airtel aims to leverage this digital infrastructure for inclusive growth. Together, they aim to be the preferred financier in India and provide financial services to millions, even in remote areas.
Currently, two products from Bajaj Finance are available on the Airtel Thanks App, with plans to offer four more by March. Airtel will gradually introduce close to 10 financial products from Bajaj Finance within the year. Airtel customers can apply for the Airtel Bajaj Finserv Insta EMI card through the Airtel Thanks App or in stores. This card offers flexible EMI options for purchasing goods at partner stores across various cities. The co-branded card can also be used for e-commerce transactions.
The Airtel Thanks App now allows customers to secure a gold loan, enabling new-to-credit customers to access finance and join the formal financial system. Both companies are committed to regulatory compliance, data privacy, security, and providing seamless customer service as part of this partnership.
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