Bengaluru-based RocketPay, a digital collections infrastructure platform for lenders, has raised Rs 10 crore in a funding round led by Sandeep Jain and Group, as it looks to expand into tech-enabled recovery of financed assets.
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The round also saw participation from IPV, LetsVenture, Launch Capital, AVNM Ventures and Navyug Global Ventures, alongside existing investor All In Capital.
The startup plans to use the fresh capital to expand beyond digital loan collections and develop recovery infrastructure for lenders, including solutions for devices purchased through loans.
“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,” said Rishav Dokania, co-founder and CEO of RocketPay.
What does RocketPay do?
Founded in 2022 by Rishav Dokania, Arpit Bajpai, Ishan Sharma and Kishorkumar Chabhadiya, RocketPay provides technology to help lenders automate loan collections and manage repayments.
Its platform supports digital collection processes through services including Account Aggregator, National Automated Clearing House (NACH) and UPI Autopay.
According to the startup, its platform serves lenders with assets under management (AUM) ranging from Rs 300 crore to Rs 16,000 crore.
RocketPay reported a tenfold increase in revenue between FY24 and FY26 and is targeting an annualised revenue run rate of Rs 100 crore by FY28.
The startup has previously received backing from investors including Blume Founders Fund, Warmup Ventures, Venture Catalysts and Relentless VC.
Expansion into financed device recovery
As part of its expansion, RocketPay is developing technology to help lenders manage the recovery of financed devices, including smartphones purchased through loan arrangements.
The startup already offers remote locking and unlocking capabilities for financed Android devices, enabling lenders to restrict certain device functions when borrowers default, subject to applicable contractual and regulatory requirements.
RocketPay said it is an authorised Asia-Pacific partner of Trustonic, a mobile device security technology provider. Trustonic’s platform supports several device-locking mechanisms, including Google’s Device Lock Controller (DLC) technology, which enables restrictions on compatible Android devices used in financing programmes.
The expansion comes ahead of new RBI rules governing the use of device-locking technology for loan recovery, which are scheduled to take effect on 1 January 2027.
Under the framework issued in August 2026, lenders can use such technology for recovery only when the loan was specifically provided to finance the device concerned and the loan agreement expressly permits the restrictions.
Lenders must notify borrowers before imposing restrictions. Gradual restrictions can begin only after a loan becomes 30 days overdue, while the full range of permitted restrictions can take effect only after 60 days.
The rules also prohibit restrictions on essential functions, including incoming calls, SMS and emergency services. They require lenders to protect access needed for work or employment and restore restricted functions within one hour of receiving overdue payments.
According to RocketPay’s estimates, more than 85 million devices are sold through equated monthly instalment (EMI) arrangements annually in India. It expects the market to grow at a compound annual growth rate (CAGR) of 10-12% between FY26 and FY30.
Sandeep Jain, co-founder of Tradeswift, said RocketPay had demonstrated adoption among lenders and that the new regulatory framework presented opportunities in the device-financing market.
“We believe RocketPay is well positioned to become a category-defining platform in this space,” Jain said.
