RocketPay Secures Funding for Digital Collections Growth

RocketPay, a platform focused on digital collections for lenders, has successfully raised Rs 10 crore in a funding round led by Sandeep Jain and his group. The funding round also includes investments from IPV, LetsVenture, Launch Capital, AVNM Ventures, and Navyug Global Ventures, in addition to support from existing investor All In Capital.

This new capital will aid RocketPay in expanding its operations from digital collections to recovery infrastructure specifically designed for lenders. Furthermore, the company is looking to venture into the technology-driven recovery of financed devices.

About RocketPay and Its Innovations

Founded in 2022 by Rishav Dokania, Arpit Bajpai, Ishan Sharma, and Kishor Chabbadiya, RocketPay aims to assist lenders in automating their collections through innovative tools like Account Aggregator, NACH, and UPI Autopay. The platform also provides functionalities for remote locking and unlocking of financed Android devices.

The company asserts a remarkable 10x increase in revenue projected between FY24 and FY26, aiming for an annual revenue run rate of Rs 100 crore by FY28. The RocketPay platform is presently utilized by lenders managing assets that range from Rs 300 crore to Rs 16,000 crore.

Partnerships and Future Aspirations

Additionally, RocketPay is recognised as an authorised APAC partner of Trustonic, allowing access to its Device Lock Controller technology, crucial for implementing device-level locking in financing programmes.

This expansion initiative comes prior to the RBI’s upcoming framework regarding device locking as a collateral enforcement measure for mobile loans, set to be implemented on January 1, 2027. The company reports that over 85 million devices are sold on EMIs each year in India, and the market is anticipated to grow at a CAGR of 10-12% between FY26 and FY30.