Originals · Startup · Startups & Fintech
RocketPay raises Rs 10 Cr led by Sandeep Jain and Group to move from loan collections into recovery of phones bought on EMI
The Bengaluru startup already collects repayments through Account Aggregator, NACH and UPI Autopay. RBI's device locking rules, which start on January 1, 2027, are its next opening.
RocketPay, a Bengaluru platform that helps lenders collect loan repayments, has raised Rs 10 Cr in a round led by Sandeep Jain and Group. IPV, LetsVenture, Launch Capital, AVNM Ventures and Navyug Global Ventures joined, along with existing investor All In Capital, Entrackr and ETEntrepreneur reported. Jain is a co-founder of Tradeswift.
The product sits on top of India's digital public rails. RocketPay automates collections for banks and non-bank lenders using the Account Aggregator network, NACH mandates and UPI Autopay, and its platform can also lock and unlock financed Android phones remotely. The company says lenders using it manage loan books ranging from Rs 300 Cr to Rs 16,000 Cr. It is an authorised Asia-Pacific partner of Trustonic, which gives it access to device lock technology built into Android.
The timing is tied to the Reserve Bank of India. Under directions issued in August 2026 and effective from January 1, 2027, lenders may restrict a borrower's device only when the loan paid for that device and the agreement clearly allows it. Borrowers must be warned first, partial restrictions can start only after 30 days overdue and full ones after 60 days, and calls, SMS and emergency services must keep working, Indian Startup News reported. Functions have to be restored within an hour of payment. Lenders will need compliant software by then, and RocketPay wants to supply it.
Founded in 2022 by Rishav Dokania, Arpit Bajpai, Ishan Sharma and Kishor Chabbadiya, RocketPay says its revenue grew ten times between FY24 and FY26 and it is aiming for an annualised revenue run rate of Rs 100 Cr by FY28. It estimates that more than 85 million devices are sold on EMIs in India each year. Dokania called the raise a shift from helping lenders collect more efficiently to building infrastructure for the whole recovery lifecycle of financed assets.
