Bharti Airtel, one of India's largest telecom service providers, and Bajaj Finance, India's largest private-sector Non-Banking Financial Company (NBFC), have announced a strategic partnership to create one of India's largest digital platforms for financial services. This collaboration combines Airtel's 370 million customers and extensive distribution network with Bajaj Finance's diverse suite of financial products and over 5,000 branches.
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Airtel to Offer Bajaj Finance Products
"The one-of-a-kind partnership brings together Airtel's highly engaged customer base of 370 million, 12 lakh+ strong distribution network, and Bajaj Finance's diversified suite of 27 product lines, and distribution heft of 5,000+ branches and 70,000 field agents," the companies said in a statement on Monday, January 20, 2025.
Plans to Expand Product Portfolio
Airtel will initially offer Bajaj Finance's retail financial products, such as Gold Loans, Business Loans, and a co-branded Insta EMI Card, through its Airtel Thanks App. By March 2025, four products will be available on the app, with plans to expand to 10 by year-end. The co-branded EMI card offers flexible payment options at over 1.5 lakh partner stores and e-commerce platforms, according to the official release.
Boosting Financial Inclusion
Both companies aim to drive financial inclusion, with Airtel's platform enabling customers, especially those new to credit, to access loans and other services. The partnership also emphasises regulatory compliance, data security, and customer service.
Gopal Vittal, Vice Chairman and MD of Bharti Airtel, said, "The combined reach, scale and distribution strength of the two companies will serve as the cornerstone of this partnership and help us succeed in the marketplace. We are building Airtel Finance as a strategic asset for the group and will continue to invest in and grow the business. Today. we are trusted by over 1 million customers and our vision is to make Airtel Finance a one-stop shop for all the financial needs of our customers."
Rajeev Jain, Managing Director of Bajaj Finance, said, "Together with Airtel, we seek to be the financier of choice to India and enable millions to access financial services, even in remote areas. We are excited to join hands with Airtel at a time when Bajaj Finance is harnessing the power of AI to enhance efficiencies and elevate customer experiences."
Also Read: Bajaj Finance to Be a FinAI Company in Its Next Growth Phase
Services Piloted
"So far, two products of Bajaj Finance have been piloted on the Airtel Thanks App," Airtel said, adding, "Airtel customers have the opportunity to apply for the Airtel-Bajaj Finserv Insta EMI card via the Airtel Thanks App and later through its nation-wide network of stores."
Partnership for Digital Financial Services
"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 more than 4,000 cities. Additionally, the co-branded card is applicable for e-commerce transactions on multiple platforms," the official release said.
According to Airtel, the Airtel Thanks App now also enables customers to secure a gold loan, enabling new-to-credit customers to access finance and integrate with the formal financial system.
