Pocketly, a microlending platform for college students, has raised an undisclosed amount of funding. The marquee angels who led the funding round in personal capacity are Ashneer Grover (Founder, BharatPe), Jaimin Bhatt (CFO, Kotak Bank), Siddharth Somaiya (Founder, Organic Riot) and Gaurang Shetty (CEO, RIIDL). Other investors were micro VCs such as Prophetic Ventures, Dholakiya Ventures, RIIDL and Scale VC.
The Bangalore based moneylending platform was founded by Aarav Bhatia and Navdeesh Ahuja in 2019 with the vision to empower students and young adults by providing them with alternative credit and financial products. Pocketly aims to provide every college student with credit and multiple easy-to-use financial products.
Talking about the funding, Aarav Bhatia, Co-Founder, Pocketly said, “We are pleased to have some of the best angels and VCs in the industry backing our vision. 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.”
Ninad Karpe, Partner, 100X.VC commented, “It is common how young adults struggle to pay for their basic requirements due to financial constraints. Pocketly is offering a platform that is going to empower the youth by making them financially independent and responsible. Students can further leverage the added benefits offered by the microlending platform.”