Pocketly Raises Undisclosed Amount Of Funding From Angel Investors And Micro-VCs
- ByStartupStory | July 6, 2021
Pocketly, Bengaluru-based microlending platform for college students, has raised an undisclosed amount of funding. The marquee angels who led the funding round in personal capacity are Jaimin Bhatt (CFO, Kotak Bank), Ashneer Grover (Founder, BharatPe), Jaimin Bhatt (CFO, Kotak Bank), Gaurang Shetty (CEO, RIIDL) and Siddharth Somaiya (Founder, Organic Riot). Other investors were micro-VCs such as Dholakiya Ventures, Prophetic Ventures, RIIDL, and Scale VC. Pocketly was established in 2019 by Aarav Bhatia and Navdeesh Ahuja with an aim to empower students and young adults by providing them with alternative credit and financial products. Pocketly provides every college student with credit and multiple easy-to-use financial products.
According to the startup, both the credit facility for students and microlending are distinctive and an unexplored idea in India. Most financial institutions demand a reasonable credit score for approving any amount of loan and that also ranges higher than what a student may need. However, Pocketly said it helps students in maintaining a strong credit profile before they step out in the real world. The microlending platform had raised a cheque from 100X.VC as part of the fund’s class 01 portfolio earlier in 2019.
Aarav Bhatia, Co-founder of Pocketly, said, about the funding, “This funding will fuel our mission of providing credit to the deserving young market of India, which cannot access credit through existing traditional financial institutes. We are encouraged to relentlessly pursue our aim to enable the country’s youth with the benefits of easy credit. It is going to help so many students in fulfilling their dream by paying for the tuition fee or extracurricular activities.”
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