FinTech start-up, EarlySalary, raised Series B funding of Rs 100 crore led by Eight Roads Ventures India.
FinTech start-up, EarlySalary, raised 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 had raised Rs 27 crore from IDG Ventures India and DHFL in May 2017. In the last seven months, EarlySalary received more than one million new app downloads and is working with 100 large employers and partners to provide instant salary advances and short terms loans through their mobile app. Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is among the fast-growing fintech players in the country.
EarlySalary offer salary advances and instant cash loans with approvals completed in seconds with the help of social algorithm and artificial machine intelligence. It allows young working professionals to get access to credit without credit Bureau history. The company will be deploying these funds to accelerate its growth plans and target 1,00,000 loan disbursements per month by the end of 2018, Akshay Mehrotra, co-founder & CEO EarlySalary said.
The company would work on improving their technology stack and further invest in machine learning systems for better risk management and also build additional products and tenure options, Mehrotra said. The key to our success will be helping more and more people without any human interface and as we scale this, it will be our clear differentiator, he said. As a part of this transaction, Dhyanesh Shah, principal at Eight Roads Ventures, will join the board of EarlySalary.