mPokket Raises Rs 500 Crore Debt from BPEA Credit

New Delhi, Mar 5 (PTI) Digital lending platform mPokket on Tuesday said it has raised Rs 500 crore (including a green shoe option) in debt capital from the private credit platform of BPEA Credit.

The funds will be used to meet the growing credit demand from mPokket's 24 million registered customer base while accelerating product development in the career accelerator and insurance verticals, which have seen a demand surge from its young customer base, the company said in a release.

"The partnership with BPEA Credit strengthens our mission of building the consumer credit economy in India with high-affinity financial security and income expansion offerings for our growing young customer base," Gaurav Jalan, mPokket's founder and CEO, said.

mPokket Financial Services and group company Maybright Venture Private Ltd operate as RBI-registered NBFCs, offering a digital lending platform and youth-centric products.

Over the past 11 years, BPEA Credit has raised funds in three rounds and invested over USD 1 billion across 70 portfolio companies in multiple sectors.