Lending firm mPokket has secured $60 million in debt financing from BPEA Credit.

Digital lending platform mPokket has raised Rs 500 crore (approximately $60 million) in debt capital from BPEA Credit, the credit arm of Baring Private Equity Asia. The funds will be utilized to meet the growing credit demand from mPokket’s 24 million registered customer base and accelerate product development in the career accelerator and insurance verticals. Led by Gaurav Jalan, mPokket provides credit, insurance, and career acceleration products to underserved youth. The company claims to have delivered healthy profit margins for seven consecutive years and has disbursed loans totaling $1.7 billion to date with minimal default rates. In FY23, mPokket recorded nearly a two-fold jump in revenue from operations to Rs 657 crore from Rs 334 crore in FY22, but the profit slipped to Rs 58.7 crore from Rs 107.8 crore in the previous fiscal. BPEA Credit provides growth capital to established mid-market companies and is planning to launch its inaugural India-Southeast Asia fund with a targeted size of $750 million by the end of the year.