Bengaluru-based fintech lending platform Pocketly, a 100X.VC Class 01 portfolio, has raised $3 million in debt and equity as part of its Pre-Series A round. The round was led by Dholakia Ventures, it also had participation from notable Angels like Kunal Shah, Apurva Parekh (Pidilite), Siddharth Somaiya (Organic Riot) and Aaryaman Vir Shah.
Pocketly provides a credit line with a fully digital and automated process through its platform for young adults underserved by Banks and has grown 10x in the last year. The round was a mix of equity ($1M) and debt ($2 million).
Navdeesh Ahuja, Founder, Pocketly, said, “Pocketly in its current form provides credit to students and young professionals in India through our credit line product, but going forward we are exploring multiple options to meet the various demands of our users in the form of card or BNPL. We are sure that this fundraise will give us fuel to continue on our growth trajectory and help us build better products and give superior experience to our users.”
“We are keen on businesses that are built on sound unit economics and yet 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,” said Dravya Dholakia, CEO, Dholakia Ventures.
“Pocketly makes it possible for the young India to access credit, which was not possible through existing traditional routes”, said Ninad Karpe, Partner, 100X.VC.
Further, the fintech is expecting to scale its disbursement to 1,000 crores in the next 12 months and has partnered with multiple NBFCs to support this growth. Pocketly currently has a user base of more than 7 lakh, of whom more than 1 lakh have availed credit from the company, it said in an official statement.