Lending platform mPokket has raised Rs 500 crore in debt capital, including a green shoe option, from BPEA Credit’s private credit platform.
mPokket plans to use the funds to meet the rising credit demand from customers and accelerate product development in the career acceleration and insurance verticals.
“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,” Gaurav Jalan, mPokket’s Founder and CEO, said in a statement.
Founded in December 2016, mPokket has disbursed loans worth $1.7 billion to date using proprietary underwriting algorithms. The company has 24 million registered customers and focuses on underserved young working professionals and self-employed individuals.
The startup has so far raised $8.04 million across multiple rounds to date, as per Tracxn. Its last fundraise was in August 2021.
mPokket’s annual revenue stood at Rs 658 crore in FY23.
“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,” said Kanchan Jain, Head, BPEA Credit Group.
Asian private credit manager BPEA Credit has raised over $1 billion across three funds over the past 11 years, investing in 70 portfolio companies. It focuses on providing growth capital to established mid-market firms in Asia excluding China, particularly in India and Southeast Asia, and has a 30-member team across offices in Singapore, Delhi, and Mumbai.
Edited by Kanishk Singh
