Digital Lending Platform mPokket Raises INR 500 Cr in Debt from BPEA Credit The Kolkata-based lending platform will utilise the raised funds to meet the growing credit demand of customers and accelerating product development in the career accelerator and insurance verticals.
By Entrepreneur Staff •
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Digital lending platform mPokket has raised up to INR 500 crore (including a green shoe option) in debt capital from the private credit platform of BPEA Credit.
In January 2020, the company raised USD 2.24 million in investment.
According to the official release, the raised funds will be used to meet the growing credit demand of customers and accelerating product development in the career accelerator and insurance verticals.
Gaurav Jalan, Founder and CEO, mPokket, said, "The partnership with BPEA Credit strengthens our mission of building the consumer credit economy in India with high affinity financial security and income expansion offerings for our growing young customer base"
Founded in 2016 by Gaurav Jalan, mPokket provides instant personal loans to all the college students and recent graduates from college (got a job offer or started working as a professional).
The startup claims that it has disbursed loans worth USD 1.7 billion to date using proprietary underwriting algorithms. With 24 million registered users, the business targets underserved young people in the workforce and self-employed individuals.
Kanchan Jain, Head of BPEA Credit Group, said, "We are pleased to partner with mPokket, a leading and profitable digital lending platform offering financing products to young working professionals and self-employed individuals. Our financing solution helps mPokket serve the growing needs of the underserved youth and is in line with our philosophy of providing bespoke growth capital to established industry leaders with good governance and risk mitigation framework."
