Bengaluru-based Fintech lending platform Pocketly, a Class 01 100X.VC portfolio, raised $3 million in debt and equity in its pre-Series A round. The round was led by Dholakia Ventures , it also had the participation of notable angels like Kunal Shah, Apurva Parekh (Pidilite), Siddharth Somaiya (Organic Riot) and Aaryaman Vir Shah.
Pocketly provides a line of credit with a fully digital and automated process through its platform for young adults underserved by banks and has grown 10x in the past year. Pocketly now serves over 100,000 borrowers and currently disburses over INR 250 Cr per year. The cycle was a mix of equity ($1 million) and debt ($2 million).
“Pocketly in its current form provides credit to students and young professionals in India through our line of credit product, but going forward we are exploring several options to meet the various demands of our users in the form of a card or We are confident that this fundraising will give us the fuel to continue our growth trajectory and help us create better products and deliver a superior experience to our users,” added Navdeesh Ahuja, founder of Pocketly.
“We love businesses that are built on a strong, yet scalable unit economy, and Pocketly has proven it does. With the continued focus and momentum, we see the platform becoming a mainstream fintech lending solution. in India. We have a strong belief in the business which is presented by us investing three times in the space of 15 months,” said Dravya Dholakia, CEO, Dholakia Ventures.
“Pocketly is empowering young India with access to credit which was not possible through existing traditional channels. We at 100X.VC are delighted to partner with Pocketly and fuel their journey of empowering the youngest population in the world,” said Ninad Karpe, Partner, 100X.VC.
Further, the FinTech lender plans to increase its disbursement to 1,000 crore over the next 12 months and has partnered with several NBFCs to support this growth. Pocketly currently has a user base of over 7 lakh, of which over 1 lakh have taken advantage of the company’s credit.