EarlySalary gets its latest funding round from IDG Ventures India and Dewan Housing Finance Corp Ltd
Indian fintech startup EarlySalary announced that it has raised a US$4 million Series A round, according to a Dealstreet Asia report.
IDG Ventures India and Dewan Housing Finance Corp Ltd participated in the current round for the startup that offers salary advances and instant cash loans for young professionals.
EarlySalary co-founder Akshay Mehrotra said that the new funding “will provide the necessary growth impetus and management growth” to accelerate growth and innovation process within the company.
Founded in 2015 by Mehrotra and Ashish Goyal, the startup claimed to have secured more than 3.5 lakh (350,000) downloads on mobile Android and iOS devices, and distributed “over” 15,000 loans.
The financial services that the startup is offering may serve as the first line of credit for many young professionals in the country.
“We believe fintech firms are changing the way India will bank and EarlySalary’s capability of using social media based underwriting decisioning will help many young working professionals get access to credit which is otherwise not possible,” said IDG Ventures Director Karthik Prabhakar.
“This over a period of time will create a wealth of information on credit-worthy customers, to offer more diverse products through partners,” he concluded.
In 2015, EarlySalary has raised a US$1.5 million seed funding round led by Ashok Agarwal of Transcorp Group.
Prior to founding the startup, both Mehrotra and Goyal had experiences working in the finance and retail industry. Mehrotra was the CMO of Indian hypermarket chain Big Bazaar, while Goyal worked at Bajaj Allianz General Insurance.
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