Fintech startup EarlySalary, which offers instant cash loans and salary advances, has raised $110 million in a Series D round led by TPG’s The Rise Fund and Norwest Venture Partners along with the participation of existing investor Piramal Capital and Housing Finance Limited.
The company confirmed its valuation to $300 million. The latest investment will enable EarlySalary to grow its business significantly in the next 24 months. The Pune-based company provides accessible financial lending solutions of up to Rs 5 lakh to working professionals.
Akshay Mehrotra, Co-founder and CEO, EarlySalary, said, “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. 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.”
EarlySalary claims to have rapidly expanded its presence from 18 cities to over 150 cities and increased its customer base to 1 million customers with 12 million app downloads along with a team size of over 500 members. The company expanded into the affordability segment and introduced the buy now, pay later (BNPL) service to customers, with a focus on education, health, and consumer product financing.
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