Pocketly raises $3 Mn in pre-Series A round

Fintech lending platform Pocketly, a 100X.VC Class 01 portfolio, has raised $3 million in debt and equity as part of its pre-Series A round. The round was led by Dholakia Ventures with participation from notable Angels like Kunal Shah, Apurva Parekh (Pidilite), Siddharth Somaiya (Organic Riot) and Aaryaman Vir Shah.

The round includes $1 million in equity and $2 million in debt.

Founded by Aarav Bhatia and Navdeesh Ahuja in 2019, Pocketly provides a credit line with a fully digital and automated process through its platform for young adults underserved by Banks and has grown 10x in the last year. 

Pocketly is now serving over 100K borrowers and is currently disbursing more than Rs 250 crore annually. 

The Bengaluru-based startup currently has a user base of more than 7 lakh, of whom more than 1 lakh have availed credit from the company.

In July last year, Pocketly had raised an undisclosed amount from angel investors such as Ashneer Grover, Jaimin Bhatt, Siddharth Somaiya and Gaurang Shetty among other micro VCs.