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.
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.
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.
