SalarySe raises $11.3 million in round led by Flourish Ventures, SIG Ventures

SalarySe, a fintech startup has raised $11.3 Mn (around INR 94 Cr) in its Series A funding round led by Flourish Ventures and SIG Venture Capital.

The round also saw participation from existing investors Peak XV Partners and Pravega Ventures. 

SalarySe cofounder Piyush Bagaria shared that Flourish Ventures invested about $5 million, SIG contributed $3 million, and the remaining $3.3 million came from existing investors Peak XV and Pravega.

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The round, which saw around 25% equity dilution, valued the company at approximately $44 million post-money. Following the round, the cofounders collectively hold about 40% ownership in the company.

The company plans to use the funds to enhance its technology infrastructure, expand its enterprise customer base, and develop AI tools to improve customer experience.

In January last year, the Gurugram-based startup raised ₹43.71 crore ($5.2 million) in its seed round, led by Surge Ventures and other investors.

“We are currently working with 100 clients. Our target is to take this number to 1,000 in the next two years. This will push up our target employee base to 20 million compared to 1.5 million currently,” Bagaria said.

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“SalarySe is addressing a critical gap by linking financial products such as Credit on UPI directly to income, ensuring that salaried employees have access to timely, fair, and responsible credit,” said Ravi Kaushik, Executive Director and Head of Asia Investments, Flourish Ventures.

About SalarySe 

Founded in 2023 by Bagaria, Mohit Gorisariya and Saumeet Nanda, the Gurugram-based SalarySe provides salary-linked credit and financial wellness products by integrating directly with employers. The company serves users across more than 100 large enterprises in sectors like IT, healthcare, BFSI, and manufacturing.

Along with its core credit-on-UPI offering, SalarySe also provides tools for savings, personal finance management, and financial literacy.

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