Mr. Gaurav Jalan, Founder & CEO, mPokket

Mr. Gaurav Jalan, Founder & CEO, mPokket, said, “Be it the youth, women, MSMEs, start-ups, employment or other key aspects, the FY2024-25 Budget has generated a feel-good factor by announcing measures that benefit most stakeholders in some way or the other. For instance, the announcement of five schemes with an overall allocation of Rs1.48 lakh crore for education, skilling and employment initiatives will benefit all the above segments. Additionally, a new skilling scheme sponsored by the Centre over five years will benefit two million youth.

As for MSMEs, a new credit guarantee scheme for small players in manufacturing is being introduced, which will provide guarantees running up to Rs100 crore. This credit guarantee scheme is meant to facilitate term loans for MSMEs to buy machinery and equipment without any guarantee or collateral. It will boost affordable credit for MSMEs, which has been a big problem in this segment.

Besides FDI rules being simplified further, the abolition of angel tax across all investor categories will help MSMEs, start-ups, fintechs and other players across industries at large. A special package has also been created for MSMEs spanning regulatory changes, technology support and finance so the industry can scale up and compete globally. The recommendation to create a new assessment model for MSME credit based on their turnover and assets is another good move. As MSMEs face an estimated funding shortfall of Rs20-25 lakh crore, these measures could help improve liquidity in the industry.“

About Gaurav Jalan, Founder & CEO, mPokket: Gaurav Jalan is the Founder and CEO of mPokket, a one-of-its-kind digital lending platform catering to the underserved youth of India. A fintech, management, and value investing enthusiast, Gaurav has been leveraging technology, analytics, and his rich professional experience to supplement cost-effective delivery of credit to those segments of the population that are often disregarded by traditional financial institutions, through mPokket. As the Founder and CEO, he is responsible both for providing strategic direction as well as overseeing the on-ground execution of the company’s strategies. 

About mPokket: An Instant Loan App that provides loans to college students and young working professionals, mPokket was founded by Gaurav Jalan in 2016. Borrowers can avail of loans ranging from Rs 500 to Rs 45,000. mPokket Financial Services Private Limited and group company Maybright Venture Private Limited operate a RBI-registered NBFC offering a digital lending platform and youth-centric products for India’s young population. It is headquartered in Kolkata and Bengaluru with pan India operations.

mPokket has been committed to promoting financial inclusion and meeting the aspirations of our customers. With a registered customer base of over 24 million individuals and having disbursed over $2 billion till date across 19,000 pin codes, mPokket has witnessed remarkable growth. mPokket has also recently raised Rs 500 crore in debt capital from the private credit platform of BPEA Credit. This infusion of funds will enable us to meet the growing credit demand from our customer base while accelerating product development in key verticals such as career accelerator and insurance.

The business model is centered on providing quick and convenient loans to youth, leveraging technology for smarter underwriting and alternative data evaluation. The digital lender’s commitment to data security and privacy remains unwavering, with ongoing investments in technology, data analytics, machine learning, and artificial intelligence to make informed credit decisions while safeguarding user data.

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Shiv Yadav

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