EarlySalary, a fintech consumer lender, raised $110 million in a Series D funding round, the largest the company has raised since its inception in 2015 in Pune, India.
The investment was anchored by TPG’s The Rise Fund and Norwest Venture Partners, with participation from prior investor Piramal Capital & Housing Finance Limited. EarlySalary raised $34 million in 2019 with the support of Eight Roads, Chiratae Ventures, Piramal Capital & Housing Finance Limited, and angel investors, according to a news release released on Tuesday.
According to the announcement, EarlySalary provides working professionals with inexpensive financial loan alternatives of up to Rs. 5 lakhs, as well as buy now pay later (BNPL) services “with a strong focus on education, health, and consumer goods finance.”
Furthermore, the organization focuses on providing an affordable financing platform to underserved groups, mostly in Tier 3 and 4 cities in India.
The fresh cash will be used to develop the business over the next 24 months. The company now has over 150 locations and over one million clients. According to estimates, its app has been downloaded 12 million times.
“We believe in putting the client first when lending to young middle-income Indians, and we value the trust that millions of Indians have placed in us.” “As our clients’ expectations and credit needs rise, we will focus on maintaining their trust and expanding with them,” co-founder and CEO Akshay Mehrotra added.
“The finance will not only help us build our cash company, but it will also allow us to acquire a variety of talents that will allow us to better handle a larger proportion of our clients.” “We are confident in our ability to continue expanding and double our consumer base,” Mehrotra said.
The Series D round, according to the release, includes a secondary sale. The transaction’s only advisor was Unitus Capital.
