Mumbai, 5 March 2024: mPokket, one of India’s leading digital lending platforms offering credit, insurance and career acceleration products to the underserved youth of India, including young working professionals and self-employed individuals, has raised up to ₹500 crore (including a green shoe option) in debt capital from the private credit platform of BPEA Credit, a pioneer in the performing credit space in India.
The funds will be used to meet the growing credit demand from mPokket’s 24 million registered customer base while accelerating product development in the career accelerator and insurance verticals, which have seen a demand surge from its young customer base.
mPokket, founded in 2016 by Gaurav Jalan, has delivered healthy profit margins for seven consecutive years and in April 2023, received a BBB Stable Rating from CRISIL.
“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.
Kanchan Jain, Head BPEA Credit Group – 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.
mPokket has disbursed loans with US$1.7 billion in value till date with minimal default rates and healthy profit margins powered by its proprietary underwriting algorithm working over a large dataset of users representing millions of proprietary data points.
