Phocket completes INR 120cr disbursement as of March 2022
By Leandra Monteiro
Phocket, India’s new-age digital lending platform, announced the successful lending of INR 120 crore till March 2022. The company has disbursed more than 60,000 loans with an average ticket size of INR 20,000. It was co-founded by Piyush Jain, Mohit Bansal & Sumit Jain in 2018.
Phocket targets one of the Indian economy’s fastest-growing segments of young salaried professionals. Post the pandemic this audience has specifically suffered the loss of a decent credit score due to delays in salary payments, in EMIs, etc resulting in difficulty to raise finance through traditional methods. Thus, this underserved millennial population is the focus area for Phocket which is enabling easy and hassle-free credit based on AI-risk assessment, discounting traditional methods of credit lending. Hence, making it easier for the young, working population of the country to meet their financial aspirations with timely, short-term funds.
Phocket is also exploring new loan products and segments like credit line cards for unreserved segments. The company intends to explore Tier 3 and 4 geographies in the upcoming months under their pan India growth plan.
“The rise of short-term loan supply has led to increased demand for reliable customer experience. Our goal is to ensure our customers enjoy fast low-cost service and we enjoy full loan life cycle control with the lowest delinquencies,” Piyush Jain, Founder of Phocket said while adding that, “Phocket has 70% retention and repeat application which motivates us towards business growth and expansion. We are exploring new loan products and segments like credit line cards for unserved segments and also aggressively entering uncatered geographies. We are now live in PAN India and are focused on grey-collar and white-collar employees. Currently, our focus is to develop high-quality loan books with low NPA’s.”
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