Digital lending fintech startup EarlySalary has raised $110 million in its series D funding round from TPG’s The Rise Fund and Norwest Venture Partners.
The round also saw participation from existing investor Piramal Capital and Housing Finance Limited.
The company plans to use the funds to significantly grow its business over the next 24 months.
The Pune-based Earlysalary was founded in 2015 by Ashish Goyal and AkshayMehrotra, It is a lending app that is focused on young working professionals.
The customer should be in the age group of 21-55, the minimum salary should be INR 18,000 (Metro City) and INR 15,000 (Non-Metro City), and Indian residents would be eligible to get the loan from the company.
“We believe in a customer-first approach to providing credit to young middle-income Indians and we are thankful for the trust millions of Indians have put in us. As our customers’ aspirations and credit needs grow, we will focus to continue to retain their trust and grow with them. The funding will not only help us in expanding our cash business but also build an array of capabilities to efficiently serve a larger segment of customers. We are confident in our ability to keep innovating and achieving 10x large growth in our customer base”, said, Akshay Mehrotra, Co-founder and CEO, EarlySalary.
It claims to offer instant loans up to INR 5 Lakh and has over 10 million downloads and that the platform has already disbursed INR 5,000 Crore loans to 2.4 million customers.
The company claims to have operations in 27 cities across the country including Ahmedabad, Jaipur, Kolkata, Gurugram, and Mumbai.
Akshay Tanna, Partner at TPG, said, “Through its innovative platform, EarlySalary delivers a critical financial service to the growing, yet underserved, middle-income segment in India. By providing modest, short-duration loans at competitive rates, EarlySalary is improving the financial health of its customer base and empowering them to finance things like upskilling courses, healthcare needs, personal emergencies, and short-term cash-flow mismatches. Akshay and Ashish have built a world-class team and a market-leading product that is poised to continue to meet the needs of India’s rising middle class and we are delighted to be a part of its next chapter of growth.”
In 2018, Earlysalary had raised $15.7 million in its Series B round from Eight Roads Ventures, IDG Venture India.
EarlySalary.com is a new FinTech start-up in Pune. They are promising to create ripples in the way lending will happen in the country. They are building their mobile-first platform, smart risk scoring system and soon will introduce a fast & easy way to get a loan or buy products and pay-later.
They are currently building a smart and young team who together will build this start-up into a buzziest FinTech brand.
Its Founders: Akshay Mehrotra, Co-Founder & CEO Marketer by heart, headed marketing for Big Bazaar, PolicyBazaar.com and Bajaj Allianz. He is an alumnus of Symbiosis Institute of Management Studies.
Ashish Goyal, Co-Founder & CFO Investment banker and CA by profession and served as the CIO for Bajaj Allianz General Insurance. He has extensive experience in financial markets, fund managements & finance functions.