RocketPay, a Bengaluru-based digital collections infrastructure platform for lenders, has raised Rs 10 crore in a fresh funding round led by Sandeep Jain and Group. The company will use the capital to move beyond digital loan collections and build infrastructure for recovering financed assets, including smartphones bought on loan.
The round also saw participation from IPV, LetsVenture, Launch Capital, AVNM Ventures and Navyug Global Ventures, with existing investor All In Capital joining as well.
The funding round and its investors
The Rs 10 crore cheque is led by Sandeep Jain, co-founder of Tradeswift, who invested through Sandeep Jain and Group. Jain said RocketPay has shown adoption among lenders and that the new regulatory framework opens room in the device financing market. “We believe RocketPay is well positioned to become a category-defining platform in this space,” he said.
IPV, LetsVenture, Launch Capital, AVNM Ventures and Navyug Global Ventures came in as new backers, while All In Capital, already an investor, followed on. RocketPay had earlier received backing from Blume Founders Fund, Warmup Ventures, Venture Catalysts and Relentless VC.
What the company plans to do with the capital
Rishav Dokania, co-founder and chief executive officer of RocketPay, said the raise marks a shift in what the company builds. “This fundraise marks an important transition for RocketPay from building technology that helps lenders collect more efficiently to building infrastructure that can support the entire recovery lifecycle of financed assets,” he said.
The first use case is the smartphone sold on equated monthly instalments, a segment where lenders often lose contact with the borrower and the asset.
Read more: RevRag AI Raises USD 2.5 Million Seed To Build AI Relationship Managers For Banks And Lenders, another story on startups building technology for lenders in India.
The collections platform behind the raise
RocketPay provides software that helps lenders automate loan collections and manage repayments. Its platform handles digital collections through the Account Aggregator framework, the National Automated Clearing House, or NACH, and UPI Autopay, so repayments move without manual follow ups.
According to the company, its platform serves lenders with assets under management ranging from Rs 300 crore to Rs 16,000 crore. The company says its revenue grew tenfold between the financial year 2024 and the financial year 2026, and it is targeting an annualised revenue run rate of Rs 100 crore by the financial year 2028.
Financed device recovery and the RBI rules
RocketPay already offers remote locking and unlocking for financed Android devices, which lets a lender restrict certain functions when a borrower defaults, subject to the loan contract and applicable rules. The company says it is an authorised Asia-Pacific partner of Trustonic, a mobile device security provider whose platform supports Google’s Device Lock Controller technology for compatible Android devices used in financing programmes.
The expansion comes ahead of Reserve Bank of India rules on device locking for loan recovery, which take effect on 1 January 2027. Under the framework, lenders may use the technology only when the loan was taken specifically to finance that device and the agreement expressly permits the restriction. Borrowers must be notified before any restriction is imposed.
Gradual restrictions can start only after a loan is 30 days overdue, and the full set of permitted restrictions can apply only after 60 days. The rules bar any block on essential functions such as incoming calls, SMS and emergency services, and require lenders to protect access needed for work or employment. Restricted functions must be restored within one hour of the payment being received.
RocketPay estimates that more than 85 million devices are sold through EMI arrangements in India every year, and expects the market to grow at a compound annual growth rate of 10 to 12 percent between the financial year 2026 and the financial year 2030.
Founders and what happens next
RocketPay was founded in 2022 by Rishav Dokania, Arpit Bajpai, Ishan Sharma and Kishorkumar Chabhadiya, who built the company around lender facing tooling rather than consumer lending.
With the fresh capital, the company is expected to hire for its recovery product line and to sign more lenders before the new RBI framework kicks in.
