Leading Back Office Systems for Banks

In-depth Supplier Profiles and User Lists. Subscribe now

In-depth Banking Tech and FinTech Research

Over 300 research reports that's updated quarterly. Subscribe now

RPA in Banking: Strategies and Pitfalls

Insights on RPA Suppliers and Case Studies. Subscribe now

Piramal Enterprises’ housing unit gets highest rating amidst FinTech JV talks with Rel Jio

Image result for ajay piramal

Ajay Piramal, Chairman, Piramal Group

Rating agency CRISIL has reaffirmed highest rating to Piramal Capital and Housing Finance Ltd. (PCHFL), a part of listed entity Piramal Enterprises, for its Commercial Paper Programme (CCP) worth INR 10,500 crore. The development comes in at a time when the market is abuzz with speculation that Piramal Enterprises, PCHFL’s holding company, is planning a joint venture with Reliance Jio for consumer lending platform and FinTech business.

Financial daily The Economic Times was the first to report that Mukesh Ambani-led Reliance Jio and Ajay Piramal-led Piramal Enterprises would be floating a new FinTech and digital lending platform.  Piramal and Ambani are related as the former’s son is married to the latter’s daughter.

However, IBS Intelligence could not ascertain the veracity of the development. Mails send to Piramal Enterprises have remained unanswered.

As per the media reports, the JV is at a very early stage and that Piramal Enterprises is also likely to receive a whopping INR 9000-odd crore (USD 1.5 billion approximately) private equity infusion led by Japanese Investment firm Softbank for the FinTech business.

Besides, there are also reports that Piramal Enterprises has received around INR 200 crore (USD 29 million) from Sachin Bansal, the poster boy of India’s e-commerce industry and co-founder of Flipkart. Following his ouster from Flipkart, Bansal has been actively chasing companies and startups in the FinTech and financial services segment for strategic investments.

The funds were routed through non-convertible debentures issued by Piramal Enterprises, said a report by Mint. The report further added that the Piramal Enterprises will use this funding for its financial services business.

Related Posts