Fintech platform EarlySalary bags $96 million in funding from TPD Growth and others
- ByStartupStory | August 23, 2022
EarlySalary, a fintech firm based in Pune, has raised over $97 million (Rs 775.4 crore) in a funding round that was led by TPG Growth. Norwest Capital, Piramal Capital, and Housing Finance Limited also participated in the financing round.
According to regulatory filings, the startup passed a special resolution earlier this month to distribute 300 equity shares and Series D non-cumulative compulsory and fully convertible preference shares (CCPS) to TPG Growth, Norwest Capital, Piramal Capital, and Housing Finance Limited for an issue price of INR 60,992.84 per share.
Almost two years have passed since EarlySalary received $10 million in what appeared to be its Series C round from investors including Eight Road Ventures, Chiratae Ventures, and GenNext Ventures. In the most recent investment round, EarlySalary was valued at $266 million.
The startup states that it provides quick loans up to 5 lakh Indian rupees. It asserts that there have been over 10 million downloads and that 2.4 million clients have received loans totalling Rs 5,000 crore. Users must be Indian citizens between the ages of 21 and 55, with a minimum annual salary of Rs 18,000 in metro areas and Rs 15,000 in non-metro areas to qualify for a loan from the startup. It competes with PaySense, ZestMoney, Slice, Daily Salary, and Refyne.
About EarlySalary
Ashish Goyal and Akshay Mehrotra founded EarlySalary, a loan app with a focus on young working professionals, in 2015. It is situated in Pune. According to EarlySalary, it is currently operating in 27 locations across the nation, including Ahmedabad, Jaipur, Kolkata, Gurugram, and Mumbai.
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