EarlySalary, a Pune, India-based consumer lending fintech company, raised $110M in Series D funding.
The round, which included a secondary sale, was led by TPG’s The Rise Fund, Norwest Venture Partners, with participation from Piramal Capital & Housing Finance Limited.
The company intends to use the funds to grow its business in the next 24 months, expand its BNPL segment and build out an extensive network of partners across the healthcare and edtech segments.
Led by CEO Akshay Mehrotra, and CFO Ashish Goyal, EarlySalary.com provides a consumer lending app focused on young, aspirational and tech-savvy Indian consumers. The company is building a financial ecosystem that enables the mid-income group to fulfil their aspirations. It has launched a host of financial products like Cash Loans, long-term Personal Loans and Buy Now Pay Later plans, and offers a digital loan application process that takes seconds to complete.
The company has expanded its presence from 18 cities to over 150 cities and increased its customer base to 12 million app downloads with approximately 1 million customers. It has already disbursed nearly 2.8 million loans worth Rs. 7,500 crores.
EarlySalary had raised $34 million in previous rounds from Eight Roads, Chiratae Ventures, Piramal Capital & Housing Finance Limited and angel investors.