Monday, December 04, 2023
Outlook.com
Outlook India
Outlook Business

mPokket Expands Operations Into Tier-2 Cities

This strategic move aims to enhance customer support for the rapidly growing user base in Southern India while strengthening mPokket's presence in this vibrant region

mPokket Expands Operations Into Tier-2 Cities

Outlook Start-Up Desk

POSTED ON November 03, 2023 2:24 PM

mPokket, a digital lending platform, announced its plans to provide customer service in local languages, including Telugu, Kannada, Hindi etc. In line with these plans, the digital lender will be expanding its operations to many new cities by the end of FY$B!G(B24. By breaking down language barriers, mPokket is making its financial services more accessible to a broader spectrum of users, from diverse linguistic backgrounds. 

With a workforce of approx 2,200 employees, the company aims to generate employment opportunities for 4,000 individuals across cities like Hyderabad, Bhopal, Mysore, and Vijayawada, by the end of this fiscal year, as part of its expansion plans. 

With a significant 35-40 per cent of its current customer base hailing from the southern states of India, the company recognized the immense potential and burgeoning demand for its services in the region. This expansion is driven by a steadfast commitment to enhancing customer experience and accessibility.  

Speaking on the expansion, Gaurav Jalan, CEO and founder of mPokket, said, " This strategic expansion aligns with our vision to make financial services as accessible as smartphone technology itself.”    

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$B!G(Bs business model is similar to credit card lending but it focuses on a segment that is ineligible for traditional loans yet requires instant funds. The loan is disbursed to customers instantly and credited to their bank accounts via smartphones within seconds. Based on this model, the mobile application seamlessly delivers credit anytime, anywhere. 

  • Related Articles

    The platform received an endorsement early in its journey, raising its first investment round of $18 million from private equity firm Xponentia Capital

    Mumbai Based Fintech Zype Disburses 100,000 Loans

    The study was conducted online within India by Dynata on behalf of Gen from August 17th to September 4th, 2023, among 1,008 adults ages 18 and older

    Norton Releases Cyber Safety Insights Report 2023

    This partnership leverages Housing.com's digital presence to expand the reach of mortgage products through its network of brokers and developers

    Housing.com To Invest In Fintech Start-Up Easiloan