Market valuation of 4 of top-10 firms surge by Rs 2.20 lakh crore
The combined market valuation of four of the top-10 most valued firms surged by Rs 2.20 lakh crore last week.
Bharti Airtel on Monday said that it will build a high-scale NBFC platform, and infuse Rs 20,000 crore capital into its NBFC subsidiary Airtel Money. The investment will be made over the next few years, the company said in a statement.
“Airtel Money Limited will be capitalised with Rs 20,000 crore to be injected over the next few years, underscoring its commitment to narrow the credit gap in India,” the statement issued on X read.
While Airtel will contribute 70 per cent of the capital, the remaining money will be invested by its promoter group Bharati Enterprises.
The company said that it aims to expand access to simple, secure and innovative digital financial services across India.
With strong digital assets, a large data and analytics engine powered by more than 500 data scientists would help the company grow its NBFC foothold.
“With strong digital assets, a large data and analytics engine powered by 500+ data scientists, Airtel aims to rapidly expand access to simple, secure, and innovative digital financial services across India, the statement read.
The announcement comes days after Airtel Money was granted NBFC license by the Reserve Bank of India on February 13.
Advertisement
Advertisement
