Digital lending platform EarlySalary, which offers instant cash loans and salary advances, has raised $110 million in a new round co-led by TPG’s The Rise Fund and Norwest Venture Partners. Existing investor Piramal Capital and Housing Finance Limited also participated in the new round.
The round also included a secondary component, according to EarlySalary, and has valued the Pune-based startup at $300 million. The fresh fund utilized to enter new markets, increase the loan book, and improve skills.
EarlySalary raised a new round of funding after a gap of two years. In October 2020, it raised $10 million as part of its Series C financing from Chiratae Ventures and Eight Roads Ventures. The startup has raised $130.3 million to date.
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, EarlySalary is a salary advance mobile application that enables Indian users to borrow money for urgent cash requirements before they get their monthly wages. It aims to help individuals who face month-end and mid-month financial crisis by providing small loans until they receive their salaries
EarlySalary directly competes with MoneyView, FlexiLoan, LoanTap, PaySense, MoneyTap, and IndiaLends among a few others.
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