Founded in 2019, Bengaluru-based Pocketly is transforming financial accessibility for India’s youth by offering quick, short-term loans through a secure, fully digital platform. Designed for individuals aged 18 and above, Pocketly empowers young adults, including college students underserved by traditional banks, to pursue their passions without financial constraints, while also helping them build a strong credit profile for future advantages.
In the fiscal year 2023 (FY23), Pocketly reported a revenue of Rs19.4 crore, which increased by 51% to Rs 29.31 crore in FY24. Expenses also rose from Rs 6.4 crore in FY23 to Rs 16.39 crore in FY24. Despite the increase in expenses, the company achieved a profit of Rs 13.22 crore in FY24, up from Rs 9.73 crore in FY23. The EBITDA margin was 67.73% in FY23 and 45.73% in FY24, while the Return on Capital Employed (ROCE) was 55.59% in FY23 and 35.28% in FY24.
Employee benefit costs constituted 55.09% of total expenses in FY24, up from 45% in FY23, indicating a strategic investment in talent. Advertisement costs were 2.87% of total expenses in FY24, compared to 0.78% in FY23, reflecting increased marketing efforts. Depreciation costs accounted for 1.52% of total expenses in FY24, down from 2.18% in FY23, and finance costs were 1.4% in FY24.
Pocketly has raised a total of Rs 37.62 crore in funding over seven rounds, with the latest Series A round completed on July 31, 2024. The company is co-founded by Aarav Bhatia and Navdeesh Ahuja, who hold 7.5% equity each. Other notable shareholders include Dholakia Ventures with 5% and Rustom Meherdad Battliwala with 0.71%.
Serving over 100,000 borrowers and disbursing more than Rs 250 crore annually, Pocketly continues to expand its reach and impact in the fintech industry, providing alternative credit and financial products to young adults across India.