EarlySalary, a fintech consumer lender, raised $110 million in a Series D fundraising round, the most the business has raised since its founding in Pune, India in 2015.
TPG’s The Rise Fund and Norwest Venture Partners led the round, including participation from previous investor Piramal Capital & Housing Finance Limited. According to a news statement issued on Tuesday, EarlySalary raised $34 million in 2019 with the help of Eight Roads, Chiratae Ventures, Piramal Capital & Housing Finance Limited, and angel investors.
EarlySalary offers working professionals affordable financial loan options of up to Rs. 5 lakhs, as well as buy now pay later (BNPL) services “with a strong focus on education, health, and consumer goods finance,” according to the statement.
In addition, the firm focuses on delivering an inexpensive lending platform to marginalized communities, mainly in Tier 3 and 4 cities in India.
The new funds will be utilized to expand the company over the following 24 months. The firm presently has over 150 cities and over one million clients. Its app has been downloaded 12 million times, according to estimates.
“We believe in a customer-first approach to lending to young middle-income Indians, and we appreciate the faith that millions of Indians have placed in us.” “As our clients’ expectations and credit requirements rise, we will focus on retaining their confidence and growing alongside them,” stated co-founder and CEO Akshay Mehrotra.
“The financing will not only help us develop our cash business, but it will also allow us to establish a variety of skills that will allow us to service a bigger proportion of clients more effectively.” “We are confident in our capacity to continue developing and achieve tenfold expansion in our consumer base,” Mehrotra stated.
According to the statement, the Series D round included a secondary sale. Unitus Capital served as the transaction’s only adviser.
