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BharatPe to Sell 25% Stake in Unity Small Finance Bank

04 Jan,2025 Current Economic Affairs Economic Affairs Download PDF

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BharatPe, a leading fintech player in India, has announced plans to sell 25% of its 49% stake in Unity Small Finance Bank, with an estimated target of raising around $800 million (Rs 6,500 crore). This strategic decision is in line with the Reserve Bank of India’s (RBI) regulatory guidelines, which require BharatPe to gradually reduce its holding in the bank

Key Details

Stake Sale

  • BharatPe intends to offload up to 25% of its existing 49% stake in Unity Small Finance Bank.

  • The company aims to generate approximately $800 million (Rs 6,500 crore) from this stake sale.

Regulatory Compliance

  • As per RBI’s directive, BharatPe’s parent entity, Resilient Innovation Private Limited, must reduce its stake in Unity Bank to no more than 10% by 2029.

  • Rothschild & Com has been appointed to manage the process of the stake sale.

Overview of Unity Small Finance Bank

  • Unity Bank was launched in November 2021 through a partnership between BharatPe and Centrum Financial Services. It quickly made headlines by acquiring PMC Bank, which further strengthened its presence in the banking sector.

  • In Q2 2024, Unity Bank reported a net profit of Rs 187 crore, reflecting a significant growth from Rs 138 crore in the prior year. The bank’s total income surged by 77%, reaching Rs 640 crore during the same period.

Digital Banking Approach

Unity Bank has adopted a digital-first model, focusing on delivering an intuitive banking experience through open architecture and collaborative business approaches. It serves both consumers and small businesses, enabling seamless financial services through its innovative platform.

BharatPe’s Growth Trajectory

  • Founded in 2018, BharatPe has evolved into a key player in the digital payments and financial services space. Its investor base includes prominent names like Tiger Global, Sequoia Capital (now Peak 15 Partners), Dragoneer Investment Group, and Insight Partners.

  • BharatPe intends to use the capital raised from the stake sale to bolster its core financial services, improve current offerings, and explore new avenues for product development.

Forward-Looking Plans

BharatPe views the stake sale as an opportunity to comply with regulatory standards while simultaneously raising capital to fuel its growth. The company plans to invest the proceeds in expanding its financial services and driving innovation within the fintech ecosystem.

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