Digital lending platform, mPokket, announced raising INR 500 crore (including a green shoe option) in debt capital from BPEA Credit’s private credit platform. The company revealed plans to utilize the funds to address the increasing credit demand from its 24 million registered customer base and expedite product development in the career accelerator and insurance verticals, which have witnessed a surge in demand from its young customer base.
Gaurav Jalan, Founder and CEO of mPokket, expressed the significance of the partnership with BPEA Credit, stating, “The partnership 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.”
Additionally, Kanchan Jain, Head of BPEA Credit Group, shared excitement about the partnership, affirming their commitment to supporting established industry leaders like mPokket in addressing the needs of underserved communities. “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,” Jain stated.
Founded in 2016 by Gaurav Jalan, mPokket has consistently demonstrated robust financial performance, maintaining seven years of healthy profit margins. The company received a notable BBB Stable Rating from CRISIL in April 2023.
mPokket also highlighted that it has disbursed loans worth $1.7 billion to date with minimal default rates and healthy profit margins, powered by its proprietary underwriting algorithm leveraging a large dataset of users representing millions of proprietary data
