RocketPay is a Bengaluru-based digital collections infrastructure platform for lenders. It has raised Rs 10 crore in a funding round led by Sandeep Jain and Group. The company will expand into tech-enabled recovery of financed assets.
IPV, LetsVenture, Launch Capital, AVNM Ventures and Navyug Global Ventures also participated. Existing investor All In Capital joined the round as well.
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What The Money Is For
RocketPay plans to move beyond digital loan collections and build recovery infrastructure for lenders. That includes solutions for devices purchased through loans.
Rishav Dokania, co-founder and chief executive officer, said the raise marks a transition for RocketPay. He said the company is moving from technology that helps lenders collect more efficiently. The new focus is infrastructure that supports the entire recovery lifecycle of financed assets.
What RocketPay Does
RocketPay was founded in 2022 by Rishav Dokania, Arpit Bajpai, Ishan Sharma and Kishorkumar Chabhadiya. It provides technology that helps lenders automate loan collections and manage repayments.
The platform supports digital collections through Account Aggregator, National Automated Clearing House and UPI Autopay. It says it serves lenders with assets under management ranging from Rs 300 crore to Rs 16,000 crore.
The company reported a tenfold increase in revenue between FY24 and FY26. It is targeting an annualised revenue run rate of Rs 100 crore by FY28.
RocketPay has previously received backing from Blume Founders Fund, Warmup Ventures, Venture Catalysts and Relentless VC.
The Device Recovery Push
RocketPay is developing technology to help lenders manage the recovery of financed devices. That includes smartphones bought on loan arrangements.
It already offers remote locking and unlocking for financed Android devices. That lets lenders restrict certain device functions when borrowers default, subject to applicable contractual and regulatory requirements.
The company says it is an authorised Asia-Pacific partner of Trustonic, a mobile device security provider. Trustonic’s platform supports several device-locking mechanisms, including Google’s Device Lock Controller technology, which restricts compatible Android devices used in financing programmes.
The Rules Coming In January
The expansion comes ahead of new Reserve Bank of India rules. They govern device locking for loan recovery and take effect on 1 January 2027.
The rules prohibit restrictions on essential functions, including incoming calls, SMS and emergency services. They also require lenders to protect access needed for work or employment. Restricted functions must be restored within one hour of receiving overdue payments.
RocketPay estimates that more than 85 million devices are sold through equated monthly instalment arrangements in India every year. It expects the market to grow at a compound annual growth rate of 10 to 12 percent between FY26 and FY30.
Sandeep Jain is co-founder of Tradeswift. He said RocketPay had demonstrated adoption among lenders, and that the new regulatory framework created opportunities in the device financing market. He said the company is well positioned to become a category-defining platform in the space.