mPokket, a lending platform, announced on Monday that it will disburse Rs 1,200 crore in loans to college students and young working professionals this fiscal year, up from Rs 700 crore in 2019-20.
In the previous fiscal year, mPokket, a quick lending app, disbursed roughly Rs 700 crore.
"In 2020-21, mPokket will distribute Rs 1,200 crore," the business stated in a statement.
More over 1 million KYC-approved borrowers use the service, and that number is expected to grow to 1.5 million by the end of this fiscal year, which ends in March 2021.
"We anticipate to conclude FY2020-21 with 1.5 million KYC-approved customers, thanks to our focus on the emerging group of under-40 working professionals."According to Gaurav Jalan, CEO and Founder of mPokket, "September 2020 disbursals are now expected to surpass those of pre-COVID February, indicating an upswing in customer demand."
Following small-ticket personal loans for students, the company has expanded its portfolio to include salaried professionals' financial needs.
Borrowers can get up to Rs 30,000 in loans, which are quickly deposited to the user's bank account or digital wallet, according to the business.
On the company's platform, more than 700,000 salaried professionals have registered.
"Expansion in this new area – lending to young working professionals – is anticipated to drive growth in the second half of FY2021 and FY2022," the business stated.
It further stated that disbursements in September 2020 are projected to exceed those in the pre-COVID month of February 2020.
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