RocketPay Raises $1.05 Million to Enhance Digital Collection Services
Bengaluru-based RocketPay has successfully raised $1.05 million in an undisclosed funding round. The round was led by Sandeep Jain and Group, with participation from investors IPV, LetsVenture, Launch Capital, AVNM Ventures, Navyug Global Ventures, and All In Capital. RocketPay specializes in automating loan, deposit, and trade credit collections through UPI Autopay and eNACH in India.
Founders and Leadership
RocketPay was founded by a trio of co-founders: Arpit Bajpai, Ishan Sharma, and Rishav Dokania. The company focuses on providing technology to automate loan collections and manage repayments for lenders. "This fundraise marks an important transition for RocketPay," said Rishav Dokania, co-founder of RocketPay.
Strategic Use of Funds
The newly acquired funds will be directed towards expanding RocketPay's capabilities beyond digital loan collections. The company aims to develop infrastructure for the recovery of financed assets, including devices purchased through loans.
Investor Participation
The funding round saw significant interest from a diverse group of investors, with Sandeep Jain and Group leading the charge. Other investors included IPV, LetsVenture, Launch Capital, AVNM Ventures, Navyug Global Ventures, and All In Capital.
Future Plans
RocketPay plans to leverage the fresh capital to broaden its service offerings and enhance its technology platform. This includes building infrastructure to support the entire recovery lifecycle of financed assets, thus providing a comprehensive solution for lenders.