Indian digital lending fintech EarlySalary on Monday said it has raised $110 million from TPG’s Rise Fund and Norwest Venture Partners, in its largest fundraise to date.
Existing investor Piramal Capital & Housing Finance Limited also participated in the Series D round, which according to media reports has brought the company’s valuation to $300 million.
Founded in Pune in 2015 by Akshay Mehrotra and Ashish Goya, EarlySalary provides accessible lending solutions of up to Rs 5 lakh to working professionals. The company has expanded into the affordability segment and introduced Buy Now Pay Later (BNPL) services to its customer segment with a clear focus on education, health and consumer product financing. Over the course of its journey, EarlySalary has expanded its services to over 150 cities and aims to continue growing its customer base.
On its website, the company guarantees that it takes 10 mins to apply for a loan and its users can get instant cash transferred to their bank account in minutes.
The company had raised $34 million in previous rounds from Eight Roads, Chiratae Ventures, Piramal Capital & Housing Finance Limited and angel investors.
Earlier this month, Reuters reported that EarlySalary was in talks to raise $110 million in a round led by private equity firm TPG.
EarlySalary’s funding comes as the Indian fintech industry has witnessed a rise in startups offering instant cash and BNPL services over a mobile app, such as Simpl, LoanTap and PaySense, Refyne, Jify, ePayLater, Flexmoney, ZestMoney and LazyPay.
In January, Refyne scooped up $82 million in its Series B round led by Tiger Global. Earlier this month, Jify also raised $12 million in its Series A round.