**Premji Invest to Support Bijith Bhaskar in Launching Tech-Driven NBFC**
Premji Invest, the family office of Wipro’s founder chairman Azim Premji, is set to support Bijith Bhaskar, a former banker at ICICI Bank, in establishing a technology-focused non-banking finance company (NBFC). This initiative aims to provide secured small business loans, with Premji Invest looking to acquire a 20% stake in the new venture. The unnamed NBFC is targeting to raise approximately ₹500 crore from Premji Invest and additional investors.
According to sources familiar with the situation, there is a significant demand for a tech-driven, data-led NBFC that emphasizes secured lending. The model is designed to be fully digital, leveraging technology and data to maintain low operational costs. Bhaskar, who has held various positions at ICICI Bank, including head of digital banking, is currently an operating partner with the India Private Markets Team at Premji Invest. He is in the process of applying for an NBFC license from the Reserve Bank of India (RBI), which requires a minimum net owned fund of ₹10 crore for incorporation.
Recently, Premji Invest has made headlines for its investments in Premier Energies Ltd, a solar cell and module manufacturer, and Indegene Ltd, a life sciences company. These investments follow earlier commitments made this year, including a partnership with Claypond Capital to invest in Akasa Air and a ₹23 crore subscription in Ajax Engineering Ltd ahead of its IPO.
Within its financial services portfolio, Premji Invest has also invested in TVS Credit and KreditBee, marking its presence in the non-banking sector. Last year, the firm engaged in at least 15 transactions, including investments in fintech companies like Mintifi, furniture retailer WoodenStreet, jewelry brand Giva, wealth management startup Dezerv, and the US-based legal-tech startup EvenUp.
The secured lending space for Micro, Small, and Medium Enterprises (MSMEs) is gaining momentum, as businesses unlock assets for debt capital. Digital lending expert Parijat Garg notes that many lenders are transitioning from unsecured to secured lending, with loans against property (LAP) experiencing over 22% year-on-year growth, and NBFCs capturing a 38% market share.
In addition to its recent ventures, Premji Invest has also invested in two life insurance companies—HDFC Life and ICICI Prudential—as well as the National Stock Exchange (NSE) and Smallcase, a stock market investment application.
**FAQ**
*What is the focus of the new NBFC being established by Bijith Bhaskar?*
The new NBFC will primarily focus on providing secured small business loans, leveraging technology and data to create a fully digital lending model.
