Bangalore based Pocketly, co-founded by Navdeesh Ahuja and Aarav Bhatia, is serving as a credit system to college students who traditionally do not have access to loans through Banks and NBFCs. It offers credits to students without taking any collateral, recognising the fact that students in reputed institutes have the ability and intent to pay back their credit.
Pocketly is disrupting the traditional methods of taking loans, and are providing small ticket size loans ranging from Rs. 500-10,000 for a tenure of 30 days exclusively to college students.
“Pocketly acts like a friend in need for college students. It is meant to provide a seamless experience for students to access credit. We aim to give credit to over 3 lakh students monthly by the end of 2020” said Aarav Bhatia, co-founder of Pocketly.
Pocketly began its operations in October 2019 and started offering credits to students. The platform offers direct money to students through their UPI ID. Students can get access to credit upto Rs. 10,000, which they can pay back in 30 days. Pocketly is currently present in over 300 colleges and has onboarded 2,000+ students.
With 750 universities and more than 35,000 affiliated colleges enrolling more than 35 mn students, India offers a large opportunity for platforms like Pocketly. 25 percent of e-commerce currently is driven by students.