Active Stocks
Thu Mar 28 2024 14:49:26
  1. Tata Steel share price
  2. 155.95 2.03%
  1. HDFC Bank share price
  2. 1,455.55 1.03%
  1. ITC share price
  2. 430.95 0.69%
  1. Power Grid Corporation Of India share price
  2. 278.75 2.84%
  1. State Bank Of India share price
  2. 756.00 2.99%
Business News/ Companies / Start-ups/  EarlySalary raises Rs100 crore from Eight Roads, others
BackBack

EarlySalary raises Rs100 crore from Eight Roads, others

Fintech start-up EarlySalary will use the funding to accelerate its expansion plan and targets to achieve 100,000 disbursements per month by the end of 2018

EarlySalary is a mobile app, which allows salaried individuals to avail instant loans for an average tenure of 30 days or till the next salary cycle.Premium
EarlySalary is a mobile app, which allows salaried individuals to avail instant loans for an average tenure of 30 days or till the next salary cycle.

Mumbai: EarlySalary.com, a fintech start-up that offers cash advances and short-term loans to young professionals has raised Rs100 crore in a series B round of funding led by Eight Roads Ventures India, the investment arm of Fidelity International Ltd, the company said on Thursday.

Existing investors of EarlySalary, IDG Ventures India, Dewan Housing Finance Corp. Ltd. (DHFL) and seed investor Ashok Agarwal also participated in the round.

EarlySalary is a mobile app, which allows salaried individuals to avail instant loans for an average tenure of 30 days or till the next salary cycle. EarlySalary was founded by Akshay Mehrotra and Ashish Goyal. Mehrotra previously served as the chief marketing officer at Big Bazaar, while Goyal was associated with insurance provider, Bajaj Allianz General Insurance as its chief investment officer.

The company will be using the fresh funds to accelerate its growth plans and targets to achieve 100,000 loan disbursements per month by the end of 2018.

EarlySalary was rolled out in February 2016 offering loans in the range Rs8,000 to Rs1 lakh based on a proprietary algorithm which determines the credit worthiness of an applicant. The credit is given for a period of seven days to one month.

The start-up sees itself as a first line of credit for young working Indians, said Akshay Mehrotra, co-founder and CEO of EarlySalary.

As part of the recent transaction, Dhyanesh Shah, principal at Eight Roads Ventures will join the board of EarlySalary. In May, EarlySalary raised $4 million from IDG Ventures India and DHFL.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 05 Jan 2018, 10:41 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie