Fintech startup EarlySalary raises $110 million in funding round led by TPG’s The Rise Fund
Fintech startup , which offers instant cash loans and payday advances, has raised $110 million in a Series D round led by TPG’s The Rise Fund and Norwest Venture Partners. Existing investor Piramal Capital and Housing Finance Limited also participated in the round.
This is EarlySalary’s largest fundraising to date, and the company confirmed its valuation at $300 million. The company had raised $34 million in previous rounds from Eight Roads, Chiratae Ventures, Piramal Capital and Housing Finance Limited, and angel investors.
The latest investment will enable EarlySalary to grow the business significantly over the next 24 months. The $110 million Series D round includes a secondary sale. Unitus Capital acted as exclusive advisor to the transaction.
Founded by Akshay Mehrotra and Ashish Goyal, in 2015, Pune-based EarlySalary offers affordable financial lending solutions up to Rs 5 lakh to working professionals. The company expanded into the affordability segment and introduced the buy now pay later (BNPL) service to customers, focusing on education, health and consumer product financing.
Commenting on this funding, Akshay Mehrotra, Co-Founder and CEO, EarlySalarysaid, “We believe in a customer-first approach to providing credit to young middle-income Indians, and we are grateful for the trust millions of Indians have placed in us. As our customers’ aspirations and credit needs grow, we will focus on continuing to retain their trust and grow with them. The funding will not only help us expand our cash business, but also build a range of capabilities to effectively serve a larger segment of customers. We are confident in our ability to continue to innovate and achieve 10x great growth in our customer base.”
With a team size of over 500 members, the company 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.
Akshay Tanna, Partner at TPG, said, “Through its innovative platform, EarlySalary delivers a critical financial service to the growing but underserved middle-income segment in India. By offering modest, short-term loans at competitive rates, EarlySalary improves the financial health of its customer base. and empowers them to funding things like post-graduation, healthcare, 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’re excited to be part of its next growth chapter.”
