Phocket is a Nasdaq-endorsed new-age digital lending platform, that is today celebrating its 4 years in business. Established as a lending startup, Phocket has now grown to be a well-known FinTech company. Phocket wishes to expand on its Tech + NBFC play to commemorate its 4th anniversary. It is growing business through direct customer acquisition, fintech & retail partnerships, and debt collaborations.
Left to Right, Mohit Bansal, Sumit Jain, Piyush Jain
Phocket was founded in 2018 as a 3-man startup by Piyush Jain, Mohit Bansal & Sumit Jain. In the initial days, Phocket founders had an important meeting in Mumbai. They decided to take a road trip from Delhi to Mumbai as it would allow them to be together and discuss the nitty-gritty of the product. Though the meeting didn’t go as planned, that particular road trip turned out to be very exciting. Most of the features that are there in the Phocket platform were discussed during that road trip.
From new in the market to a successful FinTech company
Back in 2018, the three founders were focused on making the fintech firm a product-market fit for the masses. This digital lending firm was founded on the idea that young salaried professionals require instant and affordable cash loans to meet their day-to-day cash needs. Millennials had a difficult time, especially during the pandemic, due to job loss, low credit scores, or new credit scores. As a result, new customer segments emerged, including distressed and aspirational customers. Phocket caters to this very segment specifically. More than 2 million people have downloaded the Phocket App so far. It has disbursed over INR 130 crore loans to over 66,000 borrowers.
Phocket intends to offer a variety of digital lending products to underserved customers. Its goal is to grow 10x in the next 2.5 to 3 years. Phocket is a fast-growing startup with millennial ambitions. It is aiming to offer Rs. 250 crore loan with Rs. 100 crore book size by March 2024. In the coming months, it will concentrate on expanding in the North-East region’s most underpenetrated area for digital lending. Phocket currently has a team of 40 people and plans to double in size over the next year and a half.
The company has had positive unit economics since its inception and is currently profitable. This is demonstrated by their fourfold increase in revenue from Financial Year 20-21 to Financial Year 21-22. This fiscal year, the company expects to more than double its customer base. Over 25000 unique customers have been served to date.
The company has raised funds from the Bader Family Office, led by renowned angel investor Mr. R K Bader.
About Phocket
Phocket is a fintech company that focuses on providing instant personal loans to young salaried professionals. It is an amalgamation of AI, ML, Bots, and Analytics to provide innovative lending solutions. It offers a digitized process of availing types of personal loans to PAN India. Their current customer base exceeds 25,000. All quick cash loans are available collateral-free in the Indian market. The company is a registered startup at the Department for Promotion of Industry and Internal Trade (DPIIT) and works with RBI-licensed NBFCs.
For more details visit: phocket.in.
