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BharatPe renames 12% Club app as Invest BharatPe; enters larger wealth management play

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ETtechLast Updated: Oct 28, 2024, 09:15:00 PM IST

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Synopsis

The Peak XV Partners-backed fintech has rolled digital gold as its first investment product. Going forward, it plans to offer fixed deposits in partnership with banks and others, and small-ticket investment products, before moving on to trading and other related products like mutual funds.

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The 12%Club app has been renamed Invest BharatPe and is available on the Google Play Store. It has launched digital gold for investments as its first product, the company said in a statement on Monday.

Responding to ET's queries, BharatPe said that it has halted fresh deposits for its P2P lending product but the existing users will be able to access their investments through the new app.

According to its entry in the app store, BharatPe plans to go beyond digital gold to offer fixed deposits in partnership with banks and others, small-ticket investment products and others.
A person in the know added that BharatPe could eventually get into trading and other related products like mutual funds.

This comes at a time when BharatPe has resolved its disputes with its cofounder Ashneer Grover and is focusing on strengthening its fintech play. In September, BharatPe announced the settlement of its dispute with Grover as a part of which the estranged founder severed all ties with the company.

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The merchant payment application is now focusing on building a lending gameplan, consumer payments and also larger investment and wealth management products.

BharatPe reported a 39% jump in operating revenue to Rs 1,426 crore in the financial year 2024 from Rs 1,029 crore a year earlier. It also narrowed its consolidated loss before taxes by 50% to Rs 474 crore from Rs 941 crore in the year-ago period.