Microlending Platform Pocketly Raises Undisclosed Funding
Microlending platform for college students Pocketly has raised an undisclosed amount of funding.
The funding round was led by marquee angels like Ashneer Grover (Founder of BharatPe), Jaimin Bhatt (CFO at Kotak Bank), Siddharth Somaiya (Founder of Organic Riot), and Gaurang Shetty (CEO, RIIDL). Micro VCs such as Prophetic Ventures, Dholakiya Ventures, RIIDL, and Scale VC also participated in the round.
Started by Aarav Bhatia and Navdeesh Ahuja in 2019, Pocketly is a Bengaluru-based moneylending platform that aims to provide every college student with credit and multiple easy-to-use financial products. The Bengaluru-based moneylending startup offers a secure loan app providing quick, short-term loans to empower college students and young adults in India.
Speaking on the development, Aarav Bhatia, Co-founder of Pocketly, said,
“This funding will fuel our mission of providing credit to the deserving young market of India, which cannot access credit through existing traditional financial institutes. We are encouraged to relentlessly pursue our aim to enable the country’s youth with the benefits of easy credit. It is going to help so many students in fulfilling their dream by paying for the tuition fee or extracurricular activities.”
Siddharth Somaiya (angel investor in Pocketly) stated that Pocketly uses its proprietary algo to keep its NPAs below 2.5%, making the startup extremely disruptive as it helps with the predictability of who will be creditworthy.
He added that this data could be very beneficial in the future when these customers would need bigger loans for two-wheelers, etc.
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