unique collaboration to revolutionize financial services’ last-mile delivery while promoting digital inclusiveness
Airtel will gradually provide the majority of Bajaj Finance’s retail financial products to all 370 million of its clients.
The partnership combines Bajaj Finance’s diverse array of 27 product lines, AI-driven strategy, and robust underwriting skills with Airtel’s potent digital platforms and omnichannel capabilities.
One of the biggest telecom service providers in India, Bharti Airtel, and Bajaj Finance, the biggest private-sector non-banking financial company (NBFC) in the nation, today announced a strategic alliance to develop one of the biggest digital platforms for financial services in India and revolutionize last-mile delivery.
The unique alliance combines Bajaj Finance’s diverse range of 27 product lines, 5,000+ branches, and 70,000 field agents with Airtel’s 370 million highly engaged customers and more than 12 lakh strong distribution network.
For a smooth and safe consumer experience, Airtel will first provide Bajaj Finance’s retail financial products via its Airtel Thanks App. Later, it would do so through its nationwide network of retail locations. Airtel and Bajaj Finance’s combined digital asset power will allow them to greatly increase the market share of financial services and products.
Gopal Vittal, Vice Chairman and MD, Bharti Airtel, said, “Airtel and Bajaj Finance, two trusted names in this country, have the shared vision of empowering millions of Indians with a diverse portfolio of financial needs. 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, Bajaj Finance, said, “India’s digital ecosystem has been 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 leading and most-trusted brands. 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.”
So far, two products of Bajaj Finance have been piloted on the Airtel Thanks App. By March, four products of Bajaj Finance will be available to customers on the Airtel Thanks App. These include Gold Loan, Business Loan, a co-branded Insta EMI Card and Personal Loan. Airtel will progressively offer close to 10 financial products of Bajaj Finance within this calendar year.
Airtel customers have the opportunity to apply for the Airtel-Bajaj Finserv Insta EMI card via the Airtel Thanks App and later through its nationwide network of stores. 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 Airtel Thanks App now also enables customers to secure a gold loan, empowering new-to- credit customers to access finance and integrate with the formal financial system.
As part of the partnership, both companies are committed to strong regulatory compliance, data privacy and security, and seamless customer service.
