Sunday, July 14, 2024

BPEA Funds With ₹500 Crore Debt Capital in mPokket

Share post:

Digital lending platform mPokket has secured Rs 500 crore (about $60 million) in debt funding from BPEA Credit, the credit arm of Baring Private Equity Asia.

This funding comes after mPokket’s last raise of $2.24 million in January 2020. The money will be used to meet the increasing demand for credit from mPokket’s 24 million registered customers and to speed up the development of its career accelerator and insurance offerings.

Digital Platform Startup mPokket Funding

mPokket, led by Gaurav Jalan, provides credit, insurance, and career acceleration services to underserved young people, including working professionals and freelancers. The company, which is eight years old, claims to have maintained healthy profit margins for seven consecutive years. mPokket has disbursed loans totaling $1.7 billion so far with low default rates.

In the fiscal year 2023, mPokket saw its revenue from operations nearly double to Rs 657 crore from Rs 334 crore in FY22. However, its profit decreased to Rs 58.7 crore from Rs 107.8 crore in the previous year.

Digital Platform Startup mPokket Funding

BPEA Credit offers growth funding to established mid-market firms. In the last 11 years, it has raised three funds and invested over $1 billion across 70 portfolio companies in various sectors.

According to reports, the fund intends to launch its first India-Southeast Asia fund with a target size of $750 million by the end of the year. Previously, it had supported global co-working space provider WeWork.

Related articles

Bike Bazaar Raises Rs 25 Crore in Debt Funding

Bike Bazaar, a Pune-based two-wheeler financing and e-commerce platform, has secured Rs 25 crore in debt funding from...

Edtech upGrad Raises Rs 287 Crore in Debt from EvolutionX

Mumbai-based edtech unicorn upGrad has successfully raised Rs 287.5 crore (about $35 million) in debt funding from EvolutionX....

Swarajya Raises Rs 3.6 Crore to Fund Expansion and Growth

Swarajya, one of India’s oldest print publications and now a leading digital platform, has announced a new funding...

Dvara KGFS Raises $7 Million in Debt from Enabling Qapital

Chennai-based non-banking financial company (NBFC) Dvara Kshetriya Gramin Financial Services (Dvara KGFS) has secured $7 million in debt...