Digital lending platform mPokket has raised Rs 500 crore (approximately $60 million) in debt capital from private credit platform of BPEA Credit, the credit arm of Baring Private Equity Asia.
The company last raised $2.24 million in funding in January 2020.
The funds will be used to meet the growing credit demand from mPokket’s 24 million registered customer base while accelerating product development in the career accelerator and insurance verticals, the company said in a press release.
Led by Gaurav Jalan, mPokket offers credit, insurance and career acceleration products to underserved youth, including working professionals and self-employed individuals. The eight-year-old company claims to have delivered healthy profit margins for seven consecutive years.
mPokket said that it has disbursed loans with $1.7 billion in value to date with minimal default rates.
mPokket recorded nearly two-fold jump in its revenue from operations to Rs 657 crore in FY23 from Rs 334 crore in FY22, according to startup data intelligence platform TheKredible. However, the firm’s profit slipped to Rs 58.7 crore in FY23 from Rs 107.8 crore in the previous fiscal.
BPEA Credit provides growth capital to established mid-market companies. Over the past 11 years, it has raised three funds and invested more than $1 billion across 70 portfolio companies in multiple sectors. As per a media report, the fund is planning to launch its inaugural India-Southeast Asia fund with a targeted size of $750 million by the end of the year. It had previously backed global co-working space provider WeWork.
