Consumer lending platform EarlySalary has raised $10 million from existing investors in its Series C funding round. Chiratae Ventures and Eight Roads Ventures have co-led the round at a valuation similar to its previous round.
With this infusion, Eight Roads Ventures has increased its shareholding to 29.97% while Chiratae now controls 25.54% stake in the company. EarlySalary’s co-founders Akshay Mehrotra and Ashish Goyal collective holdings have been diluted to 13.9% from 18.33% after the fresh infusion.
Pune-based firm offers cash advances and short-term loans to young professionals has come after a year. It had raised Rs 8.16 crore in an extended Series B round in May last year. EarlySalary has allotted 46,834 Series C preference shares, regulatory filings show.
EarlySalary partners with small, medium and large companies to offer short-term loans for shopping, travel and education. Some notable partners include Flipkart, Amazon and MakeMyTrip. It offers salary advances of up to Rs 2 lakh and a loan of up to Rs 5 lakh and has provided 16 lakh loans worth Rs 2,850 crore till date. It further claims to have over 5 lakh customers and 500 corporate partners.While the company has not filed annual reports for the fiscal ended in March 2020, EarlySalary recorded total earrings of Rs 15 crore at a loss of Rs 17.2 crore during FY19.
EarlySalary announced that it has forged a partnership with Transcorp, an RBI regulated Authorised Dealer Category II and Prepaid Payment Instrument (PPI) license holder to launch the EarlySalary co-branded ‘Salary Card’, a zero-touch universally accepted digital card on a non-banking platform that delivers convenience to enable payments to its customers base and provide instant access for salaried professionals, enabling them to make quick purchases across thousands of merchants across India.
Mr. Akshay Mehrotra, Co-Founder and CEO of EarlySalary said, “Financial services in India are at the forefront of implementing breakthrough innovations to drive new payment solutions. The collaboration with Transcorp to launch Salary Card highlights our combined efforts to promote digital payments and make them accessible in a safer and easier way for consumers. We at EarlySalary.com are delighted with this partnership to help build convenience in digital payments, build more use cases for our customer’s fuel demands of the modern Indian.”