[Funding alert] Fintech lending startup Pocketly raises $3mn in Pre-Series A round

Fintech startup Pocketly has raised $3 million funds in its Pre series A round led by Dholakia Ventures.

In this funding round many investors have participated including CRED founder Kunal Shah, Siddharth Somaiya, Aaryaman Vir Shah and Apurva Parekh, company said in a statement.

It’s pre series A round include $1 million in equity and $2 million in debt.

“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,” added Navdeesh Ahuja, Founder, Pocketly.

Pocketly was founded in 2019 by Navdeesh Ahuja & Aarav Bhatia, with a vision to make students financially independent so that they can completely focus on their education. The company has so far lent to more than 100k youth and students and currently lends more than Rs 250 crores annually.

Ninad Karpe, partner, 100X.VC, said, “At 100X.VC, we are excited to partner with Pocketly and fuel their journey of empowering the youngest population in the world.”

The company claims that it provide with small loans with maximum credit amount being Rs 10000 which can be easily repaid within a small period of time and provide instant loans to students into their bank accounts with minimal KYC process.