Lending platform mPokket has secured Rs 500 crore in debt capital, including a green shoe option, from BPEA Credit’s private credit platform. The funding is aimed at meeting the surging credit demand from customers and accelerating product development in career acceleration and insurance verticals.
Gaurav Jalan, Founder and CEO of mPokket, expressed enthusiasm about the partnership with BPEA Credit, highlighting its significance in advancing the mission of building the consumer credit economy in India. The focus is on providing high-affinity financial security and income expansion offerings for the growing young customer base.
Established in December 2016, mPokket has disbursed loans worth $1.7 billion, leveraging proprietary underwriting algorithms. With 24 million registered customers, the startup caters to underserved young working professionals and self-employed individuals.
Tracxn data reveals that mPokket has raised $8.04 million across multiple rounds to date, with its last fundraise in August 2021. The startup recorded an annual revenue of Rs 658 crore in FY23.
Kanchan Jain, Head of BPEA Credit Group, emphasized the alignment of their financing solution with mPokket’s goal of serving the growing needs of underserved youth. BPEA Credit focuses on providing bespoke growth capital to established industry leaders with a robust governance and risk mitigation framework.
As an Asian private credit manager, BPEA Credit has raised over $1 billion across three funds in the past 11 years, investing in 70 portfolio companies. It prioritizes offering growth capital to established mid-market firms in Asia, excluding China, with a significant focus on India and Southeast Asia. The firm operates with a 30-member team across offices in Singapore, Delhi, and Mumbai.
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