Corporate

mPokket Raises Upto Rs 500 Crore Facility From BPEA Credit

The company will use the freshly raised funds to cater to the growing credit demand from its 24 million registered customer base

mPokket Raises Upto Rs 500 Crore Facility From BPEA Credit
info_icon

mPokket, a digital lending platform which offers credit, insurance and career acceleration products has raised up to Rs 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, the company said in a release.  

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.  

Advertisement

“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 said, “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.” 

The company has disbursed loans with $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.  

Advertisement

Over the past 11 years, BPEA has raised 3 funds and invested $ 1 billion+ across 70 portfolio companies in multiple sectors. The geographic focus for its investments is Asia ex-China, and within that on India and SE Asia, both of which represent some of the fastest growing yet most underpenetrated credit markets in the region. BPEA Credit has built an investment platform with a world-class 30-member team with offices in Singapore, Delhi and Mumbai, the statement added. 

Advertisement

Advertisement

Advertisement

Advertisement