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Lending company mPokket raises $60 Mn debt from BPEA Credit

EntrackrEntrackr · 1y ago
Lending company mPokket raises $60 Mn debt from BPEA Credit
Medial

Digital lending platform mPokket has raised Rs 500 crore (approximately $60 million) in debt capital from private credit platform of BPEA Credit, the credit arm of Baring Private Equity Asia. The company last raised $2.24 million in funding in January 2020. The funds will be used to meet the growing credit demand from mPokket’s 24 million registered customer base while accelerating product development in the career accelerator and insurance verticals, the company said in a press release. Led by Gaurav Jalan, mPokket offers credit, insurance and career acceleration products to underserved youth, including working professionals and self-employed individuals. The eight-year-old company claims to have delivered healthy profit margins for seven consecutive years. mPokket said that it has disbursed loans with $1.7 billion in value to date with minimal default rates. mPokket recorded nearly two-fold jump in its revenue from operations to Rs 657 crore in FY23 from Rs 334 crore in FY22, according to startup data intelligence platform TheKredible. However, the firm’s profit slipped to Rs 58.7 crore in FY23 from Rs 107.8 crore in the previous fiscal. BPEA Credit provides growth capital to established mid-market companies. Over the past 11 years, it has raised three funds and invested more than $1 billion across 70 portfolio companies in multiple sectors. As per a media report, the fund is planning to launch its inaugural India-Southeast Asia fund with a targeted size of $750 million by the end of the year. It had previously backed global co-working space provider WeWork.

Anicut raises $11 Mn via GIFT City Structure for Private Credit Fund 3

EntrackrEntrackr · 1y ago
Anicut raises $11 Mn via GIFT City Structure for Private Credit Fund 3
Medial

Alternative investment firm Anicut Capital has announced the receipt of $11 million in dollar-denominated investments via GIFT City Structure in its Private Credit Fund 3. In September last year, Anicut Capital secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund. Within the first year of operations, the fund has already invested in six companies including Earth Rhythm, Neemans, Wheelocity, The Ayurveda Experience, Blue Tokai Coffee and XYXX. The investment structure aims at attracting dollar-denominated investments into India from a diverse group of institutional investors, family offices, and high-net-worth individuals (HNIs) from key global markets including the US, UK, Europe, and the Middle East. The funds are raised in the International Financial Services Centres Authority (IFSC), a statutory authority established by the Government of India to facilitate international investments. The funds received via GIFT City Structure feed into the overall corpus of Rs 1,500 crore that Anicut Capital is currently raising for its third private credit fund. In private credit, Anicut claims to have deployed Rs 3,200 crore to date across mid-sized enterprises since inception.

DMI Alternatives closes $120 Mn capital for private credit fund

EntrackrEntrackr · 5d ago
DMI Alternatives closes $120 Mn capital for private credit fund
Medial

DMI Alternatives closes $120 Mn capital for private credit fund DMI Alternatives has announced the closure of a $120 million raise for a corporate private credit fund focused on investing in performing and cash-flowing Indian companies. The raise underscores the growing demand for flexible credit capital among corporates in the world’s fastest-growing major economy, as businesses seek diversified financing beyond traditional channels. The strategy will be led by Harein Uppal. With this strategy, DMI Alternatives aims to provide bespoke financing solutions tailored to Indian companies well-positioned for sustainable growth. The fund maintains a focus on healthcare, technology, business services, manufacturing, and financial services sectors that benefit from secular tailwinds driving India’s economic expansion. With structural reforms, robust domestic consumption, and an increasing allocation of both domestic and global capital toward India-related investments, private credit is poised to remain a critical source of capital. As India’s financing landscape evolves, private credit is increasingly complementing banks and public markets. DMI Alternatives is an alternative asset management firm, managing investments across three core strategies: real estate (OKAS), Venture Capital (DMI Sparkle Fund), and Private Credit. The private credit strategy provides financing solutions to performing, cash-flowing Indian companies with strong fundamentals and sustainable growth trajectories. Focused on mid-market enterprises, it offers flexible capital through debt and hybrid structures.

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