Total amount raised
$3 Millions
Latest funding date
03/01/2022
Location
Pocketly has successfully raised $1,000,000 in a Seed round on March 2, 2022, with investors including Aaryaman Vir and four others. The last funding type is Debt Financing, and the company has been active in securing funds to build on its credit and BNPL (Buy Now, Pay Later) offerings.
Keep reading to explore the intricacies of Pocketly's fundraising journey and the investors backing this innovative platform.
What Is Pocketly?
Pocketly, founded on November 5, 2019, by Aarav Bhatia and Navdeesh Ahuja, is a microlending platform based in Bengaluru, Karnataka, India. The company operates in the Internet and Micro Lending industries, providing credit solutions for young Indians, including both salaried and self-employed individuals.
With an employee count ranging from 101 to 250, Pocketly offers various loan products such as personal loans, loans for salaried professionals, and loans for self-employed individuals. The company emphasizes a 100% digital journey with instant approval, minimal KYC, and flexible EMIs, aiming to help young professionals manage their financial needs with ease.
How Much Funding Has Pocketly Raised?
- Funding Round: Pre-Seed Round
- Amount Raised: ₹2.5M
- Date: December 2019
- Lead Investors: 100X.VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and establish its initial market presence.
- Funding Round: Seed Round
- Amount Raised: Not disclosed
- Date: January 2020
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and product development.
- Funding Round: Seed Round
- Amount Raised: Not disclosed
- Date: July 2021
- Lead Investors: Marquee Angels
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance the platform's features.
- Funding Round: Seed Round
- Amount Raised: $1M
- Date: March 2022
- Lead Investors: Dholakia Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and explore new product options like cards or BNPL services.
- Funding Round: Debt Financing
- Amount Raised: $2M
- Date: March 2022
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance user experience and support the company's financial stability.
Total Amount Raised: $3M
Current Valuation: Not publicly disclosed
Key Investors
- Dholakia Ventures
- Details: Led by Dravya Dholakia, Dholakia Ventures has shown strong confidence in Pocketly by investing three times within 15 months. The venture fund focuses on scalable businesses with sound unit economics.
- Investment Focus Areas: Scalable businesses, sound unit economics
- Notable Investments: Multiple investments in Pocketly
- Kunal Shah
- Details: Kunal Shah is the founder of Cred, a well-known fintech company. He is a notable angel investor with a focus on fintech and technology-driven startups.
- Investment Focus Areas: Fintech, technology startups
- Notable Investments: Cred
- Apurva Parekh
- Details: Apurva Parekh is a director at Pidilite, a major Indian adhesives manufacturing company. He is likely involved in Pidilite's strategic investments.
- Investment Focus Areas: Manufacturing, technology
- Notable Investments: Pidilite
- Siddharth Somaiya
- Details: Siddharth Somaiya is the founder of Organic Riot, a company focused on organic skincare products. He is an angel investor with a focus on organic and sustainable products.
- Investment Focus Areas: Organic products, sustainable products
- Notable Investments: Organic Riot
- Aaryaman Vir Shah
- Details: Aaryaman Vir Shah is the co-founder of Prophetic Ventures, a venture capital firm. He focuses on early-stage startups with innovative solutions.
- Investment Focus Areas: Early-stage startups, innovative solutions
- Notable Investments: Prophetic Ventures
What's Next for Pocketly?
As Pocketly looks to the future, the company is poised to capitalize on significant opportunities in the fintech lending market. With plans to introduce new products like cards and BNPL services, Pocketly aims to cater to the growing demand among young adults underserved by traditional banks. The company's fully digital and automated platform positions it well to attract a broader user base and increase the amount of credit disbursed annually.
Future fundraising opportunities appear promising, given the high growth rate and investor interest. Pocketly is likely to pursue additional funding rounds to support its expansion and product development. However, the company may face challenges such as regulatory hurdles, competition from other fintech firms, and the need to maintain the quality of its loan portfolio. Despite these challenges, Pocketly's innovative approach and strong market position suggest a bright future ahead.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Pocketly and gather other critical business insights.
Sign up for free to start making data-driven decisions and stay ahead of the competition.
