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Written by various collaborators within Team 100X.VC
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Mar 03, 2022
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The funding round was led by Dholakia Ventures, it also had participation from notable Angels like Kunal Shah, Apurva Parekh (Pidilite), Siddharth Somaiya (Organic Riot), and Aaryaman Vir Shah.

Mumbai, March 03, 2022

: Pocketly, Bengaluru-based fintech lending platform has raised $3 million in debt and equity as part of its Pre-Series A round. The round was led by Dholakia Ventures, it also had participation from notable Angels like Kunal Shah, Apurva Parekh (Pidilite), Siddharth Somaiya (Organic Riot), and Aaryaman Vir Shah.

The Bengaluru-based startup was founded in 2019 by Aarav Bhatia and Navdeesh Ahuja and is a 100X.VC Portfolio company. Pocketly is an app-based platform for micro-loans.It offers short-term loans to college students. The users qualify for an increased credit limit by paying loans on time. The user can register using the mobile number and loans can be requested after completion of the KYC process. It offers loans with flexible repayment options.

Talking about the fundingNavdeesh Ahuja, Founder of Pocketly said, “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.”

Commenting on the announcement Dravya Dholakia, CEO of Dholakia Ventures said, “We are keen on businesses that are built on sound unit economics and yet scalable, and Pocketly has proven to do so. With the sustained focus and momentum, we see the platform becoming a mainstream fintech lending solution in India,”

Ninad Karpe

, Partner, 100X.VC said “At 100X, we are delighted to back the founders at Pocketly as the first institutional investor. Students and young professionals can now avail of short term loans from Pocketly and we believe that there is a huge untapped market.”

The microlending platform had raised a cheque from 100X.VC as part of the fund’s Class 01 portfolio earlier in 2019.

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