Founded by Akshay Mehrotra and Ashish Goyal EarlySalary focuses on helping young working professionals get instant loans and salary advances in minutes and is fast becoming the first line of credit to young working Indians.
Prior to co-founding this venture, Mehrotra served as the chief marketing officer at Big Bazaar, Future Retail Ltd and Goyal worked at Bajaj Allianz General Insurance. “This capital will provide the necessary growth impetus and management depth needed to accelerate growth and the innovation process at EarlySalary,” said Mehrotra.
The one-and-a-half-year-old startup claims to have received more than 3.5 lakh downloads across its Android and iOS mobile app platform. The company has distributed over 15,000 loans to customers.
‘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. This over a period of time will create a wealth of information on credit-worthy customers, to offer more diverse products through partners,” said Karthik Prabhakar, director, IDG Ventures.
Bengaluru-based venture capital firm IDG Ventures India which recently made the final close of its third fund at $200 million, counts companies like Flipkart, Yatra, Newgen, Brainbees, Manthan among others in its Indian portfolio.
The VC firm has a $6 billion under management with over 220 investee companies and 10 offices across Asia and North America. “The financial technology space in India is at an exciting stage and is steadily making deep inroads into the BFSI industry supported by cutting edge technology. We look forward to a synergistic association that will enable us to leverage their technology solutions, and to working closely with the team as they scale up the business,” said Harshil Mehta, CEO, DHFL.
Mortgage lender Dewan Housing Finance Corp. Ltd (DHFL) was founded in 1984. Currently, the company is planning to sell a majority stake in its Aadhar Housing Finance Ltd unit, according to a media report. In 2015, EarlySalary.com had raised $1.5 million as seed capital led by Ashok Agarwal of Transcorp Group. Another fintech startup Kreditech, based in Germany, has also raised $120 million funding from global online payment service provider PayU
Read more at: https://www.dealstreetasia.com/stories/fintech-startup-earlysalary-gets-4m-in-series-a-round-from-idg-dhfl-72336/
EarlySalary, a fintech startup which offers salary advances and instant cash loans, has secured $4 million in Series A round from IDG Ventures India and Dewan Housing Finance Corp Ltd (DHFL), the company said in a statement.