Digital lending stage mPokket has raised Rs 500 crore (roughly $60 million) in debt capital from private credit foundation of BPEA Credit, the credit arm of Uncovering Private Value Asia.
The company last raised $2.24 million in funding in January 2020.
The funds will be utilized to satisfy the developing credit need from mPokket’s 24 million enrolled customer base while speeding up item development in the profession accelerator and protection verticals, the company said in an official statement.
Led by Gaurav Jalan, mPokket offers credit, protection and vocation speed increase items to underserved youth, including working experts and independently employed people. The eight-year-old company claims to have delivered sound overall revenues for seven successive years.
mPokket said that it has dispensed credits with $1.7 billion in worth to date with negligible default rates.
mPokket kept almost two-overlay hop in its revenue from tasks to Rs 657 crore in FY23 from Rs 334 crore in FY22, as per startup information intelligence stage TheKredible. Be that as it may, the company’s benefit slipped to Rs 58.7 crore in FY23 from Rs 107.8 crore in the past monetary.
BPEA Credit gives development funding to laid out mid-market companies. Throughout recent years, it has raised three funds and contributed more than $1 billion across 70 portfolio companies in numerous sectors. According to a media report, the fund is wanting to launch its debut India-Southeast Asia fund with a designated size of $750 million before the year’s over. It had recently backed global collaborating space supplier WeWork.
