The early-stage venture capital arm of Peak XV Partners, Surge Ventures, led the Rs 43.71 crore (or $5.2 million) initial fundraising round for SalarySe, an app that provides financial assistance to salaried workers.
According to SalarySe’s regulatory filings obtained from the Registrar of Companies (RoC), the board has approved a special resolution to issue 6,563 Seed compulsory convertible preference shares at an issue price of Rs 66,608 per share for a consideration of Rs 43.71 crore ($5.2 million), as reported by Entrackr.
With around Rs 25 crore invested, Peak XV Partners’ Surge led the round, followed by Rs 18.7 crore from Pravega Ventures (via Vistra ITCL India).
By integrating with payroll systems of businesses, SalarySe offers revolving credit on UPI and puts a lien on salary for repayments as a tool to lower credit risk.
With its salary-powered fintech platform, SalarySe is revolutionizing the financial services industry in India for the 10 crore salaried people who make over $300 billion annually. Yes Bank and Sugamya Finance are the company’s banking and loan partners, respectively.