Gaurav Malhotra, Executive Director at Axis Capital Ltd, says that while Bharti Airtel’s NBFC could eventually scale up to an AUM of nearly ₹1 lakh crore, any meaningful value unlocking is likely to be back-ended. He points to Airtel’s advantage in customer acquisition, given its large subscriber base, but cautions that the real test will be loan delinquencies. In his view, execution and disciplined credit risk management will ultimately determine the success of the new venture.
