EarlySalary raises Rs. 100 cr from Eight Roads Ventures, existing investors

New Delhi : India’s first FinTech startup to offer salary advances and instant cash loans EarlySalary has announced its Series B funding of Rs. 100 crores led by Eight Roads Ventures India along with some existing investors including IDG Ventures India, Dewan Housing Finance Corp. Ltd. (DHFL) and seed investor Ashok Agarwal also participated in the round.

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

The venture has disrupted the way young Indians are borrowing, replacing borrowing from friends, family and employers with borrowing real-time through a Mobile App from the comfort and convenience of their homes, and seeing money credited to their bank accounts instantly.

The company has, for the first time, provided access to short term loans to young working professionals even without a credit bureau rating, using social media surrogates for risk assessment and machine learning scorecards for faster loans approvals.

“Firstly to further improve our technology stack and work on further investing in machine learning systems for better, faster and more prudent risk management. Secondly, to focus on building additional products and tenure options to help our customers across their varied cash needs. And thirdly, to leverage this better technology and broader product portfolio to grow our monthly volume to 100,000 disbursements by end of 2018,” said co-founder and CEO Early Salary, Akshay Mehrotra.

“The key to our success will be helping more and more people without any human interface. As we scale this, it will be our clear differentiator,” added Mehrotra.

“Our relentless efforts aim to achieve a fine balance between customer experience, risk management and service millennials in a new way. With this additional capital, we are confident in expanding our ability to reach to more customers and have a stronger lending book to support our growth,” said co-founder and CFO, Ashish Goyal.

Earlier in May 2017, EarlySalary raised USD four million (Rs. 27 crore) from IDG Ventures India and DHFL. In the last seven months, EarlySalary received more than one million new app downloads and is already working with more than 100 large employers and partners to provide instant salary advances and short terms loans to young working professionals through the EarlySalary mobile app. (ANI)