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Digital lending startup mPokket raises Rs 500Cr in debt BPEA Credit

ISN Team
New Update

mPokket, a digital lending platform in India, has raised Rs 500 crore (approximately $60 million) in debt from BPEA Credit, the credit arm of Baring Private Equity Asia.

The startup, which last secured funding in January 2020, amounting to $2.24 million, aims to cater to the increasing credit demands of its vast customer base, which now stands at 24 million registered users.

Expanding services for the youth

mPokket plans to use the raised capital for addressing the growing need for credit among its users and for accelerating the development of new products in the career accelerator and insurance verticals.


These areas have seen a surge in demand, particularly from the platform's young clientele. mPokket is focused on providing underserved youth, including working professionals and self-employed individuals, with access to credit, insurance, and career advancement tools.

Partnership with BPCEA Credit 

“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.

The partnership aims to offer financial security and income expansion options tailored to the needs of the growing young customer base.

"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.

How well mPokket is performing financially? 

mPokket boasts a strong financial track record, with seven years of healthy profit margins. The startup has disbursed loans valued at $1.7 billion to date, maintaining minimal default rates.

Despite a nearly two-fold jump in revenue from operations in FY23, the company's profit saw a dip compared to the previous fiscal year. The partnership with BPEA Credit, which has invested over $1 billion across 70 portfolio companies in the past 11 years, is expected to further bolster mPokket's presence in the market.