Short-term loan provider EarlySalary said to raise $10m Series C

India-based EarlySalary, which gives consumers instant access to credit, has reportedly bagged $10m in its Series C round.

The capital was co-led by existing investors Chiratae Ventures and Eight Road Ventures, according to a report from Entrackr.

According to the article, the FinTech’s valuation has not increased since its former round, which it estimates to be around INR 310 crore ($41.8m).

Following the close of the investment, Eight Road Ventures has increased its shares position in the company to 29.97% and Chiratae has upped its stake to 25.54%. The company’s co-founders Akshay Mehrotra and Ashish Goyal have lowered their shares to 13.9% and 18.33%, respectively.

EarlySalary enables consumers to get instant access to loans on a 30-day period, with applications only taking five minutes. Users can apply for a maximum of INR 4 Lakhs ($6,748).

The SalaryCard is also available to customers, giving cardholders to spend credit at physical and digital stores across India.

The FinTech previously raised $15.8m in its Series B in 2018 from Eight Road Ventures, IDG Ventures India, Dewan Housing Finance Corp and seed investor Ashok Agarwal.

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