Bharti Airtel, one of India’s largest telecom service providers, and Bajaj Finance, the country’s largest private sector non-banking financial company (NBFC), on January 20 announced a strategic partnership to create one of the largest digital financial services platforms in India and transform the last mile delivery.
This first-of-its-kind partnership brings together Airtel’s highly engaged customer base of 370 million, a robust distribution network of over 12 lakh, Bajaj Finance’s diverse suite of 27 product lines and a distribution clout of over 5,000 branches and 70,000 field agents.
Airtel will initially offer Bajaj Finance’s retail financial products on its AirtelThanks app for a seamless and secure customer experience, and later through its nationwide 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.
Gopal Vittal, Vice Chairman and Managing Director, Bharti Airtel, said, “Airtel and Bajaj Finance, two trusted names in this country, have a shared vision of empowering millions of Indians with a diversified portfolio of financial needs. The combined reach, scale and distribution strength of both companies will be the cornerstone of this partnership and help us succeed in the market. We are making Airtel Finance a strategic asset for the group and will continue to invest and grow the business. Today, we are trusted by over a million customers and our vision is to make Airtel Finance a one-stop shop for all our customers’ financial needs.
So far, two products from Bajaj Finance have been tested on the AirtelThanks app. By March, four products from Bajaj Finance will be available to customers on the AirtelThanks app. These include Gold Loan, Business Loan, Co-Branded Insta EMI Card and Personal Loan. Airtel will gradually offer nearly 10 financial products from Bajaj Finance during this calendar year.
Rajeev Jain, Managing Director, Bajaj Finance, said, “India’s digital ecosystem is at the heart of data-driven credit underwriting and financial inclusion. 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 largest and most trusted brands. Together with Airtel, we aim to be the financier of choice in India and enable millions of people to access financial services, even in remote areas. We are delighted to partner with Airtel at a time when Bajaj Finance is harnessing the power of AI to improve efficiency and elevate customer experience.
Airtel customers have the option to apply for the Airtel-Bajaj Finserv Insta EMI Card through the AirtelThanks app and later through its nationwide network of stores. The Airtel-Bajaj Finserv EMI card provides access to a range of offers available to Bajaj Finance customers. Users will benefit from flexible EMI options and payment plans for purchasing various goods, including electronics, furniture and groceries, at over 1.5 lakh partner stores across 4,000+ cities. Additionally, the co-branded card is applicable for e-commerce transactions across multiple platforms.
The AirtelThanks app now also allows customers to obtain a gold loan, thereby enabling new credit customers to access financing and integrate into the formal financial system.
As part of this partnership, both companies are committed to strict regulatory compliance, data privacy and security, and seamless customer service.
Headquartered in India, Airtel is a global communications solutions provider with over 550 million customers across 15 countries in India and Africa. The company ranks among the top three mobile operators in the world and its networks cover more than two billion people.
Bajaj Finance Ltd, a subsidiary of Bajaj Finserv Ltd., is a depository NBFC. BFL carries out its lending and deposit accepting activities. BFL, a thirty-seven year old company, has today become a major player in the NBFC sector in India and has 92.09 million customers on a consolidated basis.
