EarlySalary, a fintech startup offering instant cash loans and salary advances, has raised $110 million in a Series D round led by TPG’s The Rise Fund and Norwest Venture Partners. 

The funding round also saw participation from existing investor Piramal Capital and Housing Finance Limited.

This Series D round of $110 million includes a secondary sale. And the funding will enable EarlySalary to grow its business significantly in the next 24 months.

EarlySalary | Instant Salary Advance For Employees 

Founded by Akshay Mehrotra and Ashish Goyal in 2015, EarlySalary is a Pune-based startup that provides accessible financial lending solutions of up to Rs 5 lakh to working professionals. 

Speaking about the development, Akshay Mehrotra, Co-founder and CEO, EarlySalary, said,

“We believe in a customer-first approach to providing credit to young middle-income Indians, and we are thankful for the trust millions of Indians have put in us. As our customers’ aspirations and credit needs grow, we will focus to continue to retain their trust and grow with them. The funding will not only help us in expanding our cash business but also build an array of capabilities to efficiently serve a larger segment of customers.”

EarlySalary provides instant cash loans, line of credit and interest-free EMIs. Operating on a unique algorithm, the Pune-based startup combines traditional credit scoring with new social and online scoring technology-linked risk assessment concepts, taking merely a few minutes for the entire application process.

The fintech startup expanded into the affordability segment and introduced the buy now, pay later (BNPL) service to customers, with a focus on education, health, and consumer product financing.

Operating with a team size of over 500 members, EarlySalary claims to have rapidly expanded its presence from 18 cities to over 150 cities. With 12 million app downloads, the fintech startup has increased its customer base to 1 million customers. 

Commenting on the development, Akshay Tanna, Partner at TPG, said,

“By providing modest, short-duration loans at competitive rates, EarlySalary is improving the financial health of its customer base and empowering them to finance things like upskilling courses, healthcare needs, 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 are delighted to be a part of its next chapter of growth.”

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