EarlySalary, a FinTech startup in India, announced its Series B funding of Rs 100 crore led by Eight Roads Ventures India.
Existing investors IDG Ventures India, Dewan Housing Finance (DHFL) and seed investor Ashok Agarwal also participated in the round.
EarlySalary, which offers salary advances and instant cash loans through a mobile app, will deploy these funds to accelerate its growth plans and target 100,000 loan disbursements per month by the end of 2018.
The fintech company has provided access to short term loans to young working professionals without a credit bureau rating, using social media surrogates for risk assessment and machine learning scorecards for faster loans approvals.
EarlySalary has a three-pronged strategy to enhance its business growth.
Firstly, EarlySalary aims to improve technology and work on further investing in machine learning systems for better, faster and more prudent risk management.
Secondly, EarlySalary will focus on building products and tenure options to help customers across their varied cash needs.
Thirdly, EarlySalary will leverage technology and broader product portfolio to grow its monthly volume to 100,000 disbursements by end of 2018.
“The key to our success will be helping more and more people without any human interface. As we scale this, it will be our clear differentiator,” said Akshay Mehrotra, co-founder and CEO of Early Salary.
In May 2017, EarlySalary raised $4 million from IDG Ventures India and DHFL. In the last 7 months, EarlySalary received more than 1 million new app downloads and is already working with more than 100 large employers and partners to provide instant salary advances and short terms loans to young working professionals through the EarlySalary mobile app.
EarlySalary has expanded to 15 cities across India and seen over 1.4 million customer downloads. The company has been working on introducing multiple products, line of credit functionality, EMIs and other products focused towards helping young working professions with credit needs.
EarlySalary management team Vivek Jain (CTO), Akshay Mehrotra (CEO), Ashish Goyal (CFO) and Vimal Saboo (CBO) Left to right