Ashneer Grover has accusedBharatPe ’s CEO Suhail Sameer for taking credit for thegold loan vertical Grover had launched.- Grover has mentioned that he has hired Nikhilesh Govil, the head of BharatPe’s gold loan division, nearly a year ago.
- BharatPe announced its gold loan vertical for their merchants partners yesterday, marking their entering in the secured loans category.
Grover has mentioned that he has hired Nikhilesh Govil, the head of BharatPe’s gold loan division, nearly a year ago, in order to launch and scale up this vertical. He has further claimed that the vertical was launched by him and Nikhilesh six months back, and expanded to three cities — Delhi, Bengaluru and Hyderabad.
“BharatPe has today peddled another lie that they've launched Gold Loan under Suhail. I had brought Nikhilesh (ex-colleague from Kotak, PCJ) 1 year back to [a] build Gold Loan business. The Gold Loan business was launched by me and Nikhilesh 6 months back and expanded to 3 cities - Delhi, Bangalore and Hyderabad. Suhail had no contribution [sic] and is selling lies as he hasn't been able to launch even things which I had planned in [the] last 3 months,” Grover said.
“As part of BharatPe growth journey, we officially announced our foray into gold loan yesterday. The product was in beta mode over the course of the last few months and is now officially available for all merchant partners in Delhi NCR, Bangalore and Hyderabad. We do not intend to respond to baseless allegations,” BharatPe's spokesperson said.
BharatPe announced its gold loan vertical for their merchants partners on Monday, marking their entering in the secured loans category. The company was earlier working in the unsecured loans category by offering collateral free loans.
The company has partnered with Reserve Bank of India (RBI)-approved non banking financial companies (NBFC) to offer gold loans up to ₹20 lakhs. The company, in a statement, noted that it has already launched the gold loan offering in Delhi NCR, Bengaluru and Hyderabad.
It will now be looking to scale the products to 20 cities by the end of 2022. The company plans to facilitate disbursals of ₹500 crore by the end of 2022, at an interest rate of 0.39% per month.The loan application process is fully digital and the loan is disbursed within 30 minutes of completion of the assessment process.
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