New Delhi, March 5: Digital lending platform mPokket on Tuesday said it has raised up to Rs 500 crore (around $60 million) in debt capital from BPEA Credit's private credit platform. mPokket said that the funds will be used to meet the growing credit demand from its 24 million registered customer base while accelerating product development in the career accelerator and insurance verticals.

"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,” said Gaurav Jalan, mPokket’s Founder and CEO. Byju’s Says No Funds Have Been Siphoned Off and Around USD 533 Million Are Currently in 100% Non-US Subsidiary of Company.

Founded in 2016 by Jalan, mPokket has delivered healthy profit margins for seven consecutive years, and, in April 2023, it received a BBB Stable Rating from CRISIL. Byju’s Says No Funds Have Been Siphoned Off and Around USD 533 Million Are Currently in 100% Non-US Subsidiary of Company.

"Our financing solution helps mPokket serve the growing needs of the underserved youth and is in line with our philosophy of providing bespoke growth capital to established industry leaders with good governance and risk mitigation framework,” said Kanchan Jain, Head BPEA Credit Group. mPokket said it has disbursed loans worth $1.7 billion in value to date.

(The above story first appeared on LatestLY on Mar 05, 2024 06:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).