mPokket Secures Rs 500 Crore in Debt Capital to Fuel Expansion
- ByStartupStory | March 6, 2024
digital lending platform mPokket announced on Tuesday that it has successfully raised Rs 500 crore, inclusive of a green shoe option, in debt capital from BPEA Credit’s private credit platform.
The infusion of funds is earmarked to address the escalating credit demand from mPokket’s extensive user base of 24 million registered customers. Additionally, the company plans to expedite product development in the burgeoning career accelerator and insurance verticals. These segments have witnessed a notable surge in demand, particularly from the youthful demographic constituting mPokket’s customer base.
Founder and CEO of mPokket, Gaurav Jalan, expressed enthusiasm about the collaboration with BPEA Credit, stating, “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.”
mPokket Financial Services, along with its group company Maybright Venture Private Ltd, functions as RBI-registered Non-Banking Financial Companies (NBFCs). They specialize in providing a digital lending platform and youth-centric financial products.
BPEA Credit, with a notable track record spanning 11 years, has successfully raised funds in three rounds and invested over USD 1 billion across 70 portfolio companies in diverse sectors. This latest capital infusion positions mPokket strategically to meet the evolving financial needs of its user base and further its mission of fostering financial inclusion among India’s youth.
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