Fintech Pocketly Lending Platform Raises $3 Million

Mumbai: Pocketly, the Bengaluru-based fintech lending platform, which is backed by venture capital fund 100X.VC, raised $3 million in debt and equity in its pre-round Series A. 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 line of credit on a digital, automated platform for young adults not yet served by banks. The business has grown 10 times over the past year. It has lent to over 1 lakh borrowers and is currently disbursing over Rs 250 crore annually. The cycle was a mix of equity ($1 million) and debt ($2 million).
“Going forward, we are exploring several options to meet the various demands of our users in the form of a card or BNPL (buy now, pay later). This fundraiser fuels our growth and helps us build better products and provide a superior experience for our users,” said Pocketly Founder Navdeesh Ahuja.
“We love businesses that are built on a strong unit economy and yet are scalable, and Pocketly has proven it does. With the sustained focus and momentum, we see the platform becoming a mainstream fintech lending solution in India. We have great belief in the business as evidenced by our investments three times in the space of 15 months,” said Dravya Dholakia, CEO of Dholakia Ventures.
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