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Lendingtech platform mPokket secures $60 mn debt facility from BPEA Credit

By Aman Rawat

  • 05 Mar 2024
Lendingtech platform mPokket secures $60 mn debt facility from BPEA Credit
Gaurav Jalan, founder, mPokket

Digital lending platform mPokket, which offers credit, insurance and career acceleration products to young working professionals and self-employed individuals, has secured a Rs 500-crore (around $60 million) debt facility from BPEA Credit, a leading private credit manager in Asia. 

The company plans to use the funds to meet the growing credit demand from its 24 million registered customer base while accelerating product development in the career accelerator and insurance verticals, it said in a release.  

“Our financing solution helps mPokket serve the growing needs of the underserved youth and is in line with our philosophy of providing bespoke growth capital to established industry leaders with good governance and risk mitigation framework,” said Kanchan Jain, head of BPEA Credit.  

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Kolkata and Bengaluru-headquartered mPokket, which was founded in 2016 by Gaurav Jalan, has remained profitable since the financial year ended March 2019. It reported a 9.4% year-on-year rise in net profit for FY23 at Rs 118 crore while its consolidated revenue grew nearly 75% to Rs 579 crore. The company claimed that it has delivered healthy profit margins for seven consecutive years.  

To date, mPokket has disbursed loans worth $1.7 billion. It claims that it uses its proprietary underwriting algorithm working over a large dataset of users representing millions of proprietary data points to ensure minimal default rates and healthy profit margins.  

Meanwhile, BPEA Credit, which provides growth capital to established mid-market companies, raised three funds over the past 11 years. It has invested more than $1 billion across 70 companies in multiple sectors. Its primary geographies of investment include India and Southeast Asia. It has offices in Singapore, Delhi and Mumbai. 

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