October 29, 2024

BharatPe rebrands 12% Club to Invest BharatPe, launches digital gold investment

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BharatPe has renamed its 12% Club app to Invest BharatPe. The app is available on the Google Play Store and will host the Peak XV Partners-backed fintech company’s investment offerings. According to a Economic Times report, BharatPe has halted fresh deposits for its P2P lending product but the existing users will be able to access their investments through the new app. The platform has also launched digital gold for investments as its first product.
As per the Invest BharatPe app store listing, it aims to “provide an easy, secure, and flexible way to grow your wealth with RBI-approved partners and curated plans.” The app offers
– Gold Investments: Buy 24k Digital Gold, secured with Safegold
– Fixed Deposits: High-return, flexible FDs coming soon
– P2P Investments: Currently on hold for exciting upgrades
– Investments starting at just Rs 100: accessible and easy for everyone
– Track & manage your investments with ease
– Real-time updates on rates and projected returns
BharatPe reported a 39% increase in operating revenue to Rs 1,426 crore in the financial year 2024 from Rs 1,029 crore a year earlier. The fintech platform also narrowed its consolidated loss before taxes by 50% to Rs 474 crore from Rs 941 crore in the year-ago period.

Ashneer Grover makes ‘peace’ with BharatPe

This comes month after Ashneer Grover reached a settlement with BharatPe. In September, the co-founder said that he “will no longer be associated with BharatPe in any capacity, nor be part of the capital table”. BharatPe had earlier filed a case against Grover accusing him for misappropriation of funds. The company accused Grover and his family of causing a loss of about Rs 81.3 crore from improper payments to fake HR consultants, inflated costs from connected vendors, fake input tax credit transactions, illegal payments to travel agencies, forged invoices, and destruction of evidence.

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