Peak XV joins $11.3m series A in Indian fintech firm SalarySe
- ByStartupStory | October 30, 2025
Indian fintech startup SalarySe has successfully raised $11.3 million in a Series A funding round led by Flourish Ventures, along with participation from Susquehanna Asia VC (SIG Ventures) and existing investors Peak XV Partners and Pravega Ventures. This fresh capital injection is set to accelerate SalarySe’s mission to transform financial accessibility and inclusivity for India’s salaried workforce by offering salary-linked financial products tailored to their unique needs.
Founded in 2023 by IIT graduates Piyush Bagaria and Saumeet Nanda, together with chartered accountant Mohit Gorisariya, SalarySe has quickly grown to serve over 1.5 million salaried employees across more than 100 multinational corporations and Indian enterprises in sectors such as IT, healthcare, BFSI, and manufacturing. The company partners with leading Indian banks, including HDFC Bank and RBL Bank, to offer its flagship Credit-on-UPI product, which integrates directly with employers’ payroll systems to provide responsible, transparent, and timely credit access based on the user’s salary.
SalarySe’s innovative platform not only offers salary advances but also combines payments, credit, wealth management, and financial literacy tools in a personalized, easy-to-use app. By focusing on the salaried segment—which constitutes about 10 crore individuals in India with an annual income pool exceeding $300 billion—the startup aims to fill a critical gap in transparent and curated financial services.
The capital raised will fuel SalarySe’s plan to onboard up to 1,000 corporate clients in the next two years, significantly expanding its user base. The startup will also invest in strengthening its technology, including AI-driven personalization features to enhance customer experiences and product offerings. Additionally, SalarySe intends to deepen its banking partnerships and integrate with more financial institutions to deliver a comprehensive ecosystem converging credit, payments, and savings.
Despite being a relatively new player, SalarySe has demonstrated robust growth, operating at an annualized gross merchandise value (GMV) of Rs 600-700 crore. The Series A funding round involved around 25% equity dilution, after which the co-founders retain approximately 40% of ownership, underscoring substantial founder commitment.
The investment comes at a crucial time as India witnesses rapid adoption of digital financial services, increased smartphone penetration, and growing awareness about financial health among salaried professionals. SalarySe’s mission to leverage technology to simplify and democratize financial products aligns with broader government initiatives aimed at financial inclusion.
Executive Director and Head of Asia Investments at Flourish Ventures, Ravi Kaushik, highlighted that SalarySe’s approach addresses the immediate cash flow needs of salaried employees while laying the foundation for their long-term financial well-being. This synergy between technology and financial empowerment makes SalarySe a compelling addition to India’s fintech ecosystem.
Looking ahead, the company aims to double its user base in two to two-and-a-half years by capturing more corporate clients and enhancing its product suite. SalarySe envisions becoming the go-to financial partner for salaried individuals across India, enabling them to manage their finances more effectively, access affordable credit, and build wealth responsibly.
With swift adoption of its salary-linked credit offerings and strong backing from investors and banking partners, SalarySe is poised to redefine the financial landscape for salaried Indians, promoting better credit access and financial wellness in an increasingly digital economy.
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