New Delhi, Mar 5 (IANS): Digital lending platform mPokket on Tuesday said it has raised up to Rs 500 crore (around $60 million) in debt capital from BPEA Credit's private credit platform.
mPokket said that the funds will be used to meet the growing credit demand from its 24 million registered customer base while accelerating product development in the career accelerator and insurance verticals.
"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,” said Gaurav Jalan, mPokket’s Founder and CEO.
Founded in 2016 by Jalan, mPokket has delivered healthy profit margins for seven consecutive years, and, in April 2023, it received a BBB Stable Rating from CRISIL.
"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.
mPokket said it has disbursed loans worth $1.7 billion in value to date.