EarlySalary, fresh name in fintech sector and an emerging lending platform, is in talks again. The platform that provides cash loans and advance salaries has raised first debt funding of Rs 5 Crore from IFMR Capital.
The firm bagged $4 Million Series A round equity funding in May of this year, which was led by DHFL and IDG Ventures, based on which its plans to boost its equity multiple times in the coming months.
This latest capital infusion will assist the company to speed up its growth plans. The company also claims that it has so far disbursed more than 7,000 loans in the previous month and projects to achieve the milestone of 30,000 loan disbursements every month by the end of this fiscal year.
CEO of EarlySalary, Akshay Mehrotra, said, “We are applying strong social media underwriting and powerful digital score carding systems. The company is presently on a high growth path, based on the superior response received, especially from young working generation. As lending is our key business, money is the operating assets for us. Receiving a debt funding for an early stage startup is no doubt a clear success. IFMR happened to become our first debt funding provider makes us confident enough and expects to create a robust and huge lending book.”
EarlySalary presently has its operation functioning in 8 major cities such as Pune, Mumbai, Chennai, New Delhi, Bangalore, Ahmadabad, and Hyderabad. The startup is looking forward to expand in more cities in coming period.
Chief Executive Officer of IFMR, Kshama Fernandes, stated that IFMR Capital is enthusiastic to cohort with EarlySalary in its determined voyage of altering the monetary landscape for salaried professional. “Our approach is to always focus on the highly capable companies that are in early phase and back them with customized and planned solutions and give entry broad range of investors.
This collaboration with EarlySalary goes well with that viewpoint. We consider that they are experts in adopting the present technology to disorder the present retail credit system, and flourishingly tap the large ratio of professionals who aren’t appropriately served by financial institutions,” he further added.