Fintech lending platform Pocketly raises $3mn

Mumbai: Bengaluru-based fintech

lending

platform

Pocketly

, which is backed by venture fund

100X.VC

, has raised $3 million in debt and equity as part of its pre-series-A round. The funding was led by Dholakia Ventures, with participation from angel investors —

Cred

founder Kunal Shah, Pidilite director Apurva Parekh, Organic Riot founder Siddharth Somaiya and Prophetic Ventures co-founder Aaryaman Vir Shah.

Pocketly provides a credit line over a digital and automated platform targeted at young adults who are yet to be served by banks. The company has grown 10 times in the last year. It has lent to over 1 lakh borrowers and is currently disbursing more than Rs 250 crore annually. The round was a mix of equity ($1 million) and debt ($2 million).

“Going forward we are exploring multiple options to meet the various demands of our users in the form of card or BNPL (buy now, pay later). This fundraise fuel our growth and help us build better products and give superior experience to our users,” said Pocketly founder Navdeesh Ahuja.

“We are keen on businesses that are built on sound unit economics and yet are scalable, and Pocketly has proven to do so. With the sustained focus and momentum, we see the platform becoming a mainstream

fintech

lending solution in India. We have high conviction in the company, which is showcased by us investing thrice in a matter of 15 months,” said Dravya Dholakia, CEO, Dholakia Ventures.


Stay ahead in business with The Times of India. Check out Financial Calculators like SIP, PPF, FD, NPS and Mutual Fund Calculators.