mPokket Secures $60 Million Debt Financing from BPEA Credit

 

mPokket, a digital lending platform, has successfully raised Rs 500 crore (approximately $60 million) in debt capital from BPEA Credit, the private credit platform of Baring Private Equity Asia. This funding marks a significant milestone for the company, following its last funding round of $2.24 million in January 2020.

 

In a press release, mPokket announced that the funds will cater to the growing credit demand from its vast customer base, consisting of 24 million registered users. Additionally, the capital infusion will fuel the company’s product development initiatives, particularly in the career accelerator and insurance verticals.

 

Under the leadership of Gaurav Jalan, mPokket specializes in offering credit, insurance, and career acceleration products to underserved youth, including working professionals and self-employed individuals. With a track record spanning eight years, the company boasts healthy profit margins for seven consecutive years.

 

mPokket revealed that it has recently disbursed loans totaling $1.7 billion with minimal default rates, highlighting its robust performance and reliability in the lending space.

 

mPokket witnessed a nearly twofold increase in revenue from operations, reaching Rs 657 crore in FY23 compared to Rs 334 crore in FY22. However, the company’s profit declined to Rs 58.7 crore in FY23 from Rs 107.8 crore in the previous fiscal year.

 

BPEA Credit specializes in providing growth capital to established mid-market companies. Over the span of 11 years, it has raised three funds and invested over $1 billion across 70 portfolio companies spanning multiple sectors. As reported by media sources, the fund is gearing up to launch its inaugural India-Southeast Asia fund, targeting a size of $750 million by the end of the year. Notably, BPEA Credit has previously supported global co-working space provider WeWork, underscoring its track record of strategic investments in diverse sectors.