EarlySalary, which claims to be India’s largest lending FinTech, has bagged $110m for its Series D round, which was led by TPG’s The Rise Fund and Norwest Venture Partners.
Other commitments came from existing investor Piramal Capital and Housing Finance Limited.
Founded in 2015, the lending FinTech provides financial solutions of up to INR 50,000 ($628) to working professionals. It recently expanded into the affordability segment and released buy now, pay later services to customers. It is focused on education, health and consumer product financing. It currently serves 150 cities.
EarlySalary’s mission is to give young and aspirational individuals a financial ecosystem. It stated that 80% of Indians use banking services, however, almost 50% of the Indian population doesn’t have access to credit due to various reasons. EarlySalary aims to be the safe and reliable credit platform to the underserved population in tier three and four cities.
With the capital, EarlySalary hopes to expand its BNPL segment and build an extensive network of partners across the healthcare and edtech segments.
Speaking on the investment, EarlySalary co-founder and CEO Akshay Mehrotra 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. We are confident in our ability to keep innovating and achieving 10x large growth in our customer base.”
The company has raised a total of $34m in previous funding rounds. Its investors include Eight Roads, Chiratae Ventures, Piramal Capital & Housing Finance Limited and angel investors.
Earlier in the year, fellow India-based FinTech platform Jar hit a $300m valuation after the close of its Series B. The company offers a way to automate savings in digital gold.
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