Oct 28: Two months after the Reserve Bank of India tightened rules for P2P (peer-to-peer) lending platforms, fintech giant BharatPe has renamed its investment platform ‘12%Club’ to ‘Invest BharatPe’ as it plans to overhaul its P2P offerings.

In partnership with Shriram Finance, Bajaj Finance, Mahindra Finance, and Suryoday Small Finance Bank, the new investment app hosts two offerings – digital gold and fixed deposits. 

The new app, in partnership with Safegold, will also enable investing in digital gold.

The Peak XV-backed company – like many of its peers – has halted fresh deposits for its P2P lending product.

In FY24, BharatPe’s consolidated revenue from operations grew by 39% YoY, from Rs 1,029 crore to Rs 1,426 crore. The loss before tax reduced from Rs 941 crore to Rs 474 crore. 

Earlier this month, BharatPe finalized a settlement with its former managing director Ashneer Grover. The Head and Tale exclusively reported on the settlement; and also the behind-the-scenes drama.