Indian lendtech EarlySalary raises $110m Series D funding

Pune-based digital lending platform EarlySalary has raised $110 million in a Series D funding round at a valuation of around $300 million.

EarlySalary lands $110m Series D

The round was co-led by TPG’s The Rise Fund and Norwest Venture Partners, with existing investors Piramal Capital and Housing Finance Ltd also participating.

EarlySalary says it plans to use the new cash to hire for senior leadership roles, expand into new markets and increase its loan book.

Founded in 2015 by Ashish Goyal and Akshay Mehrotra, EarlySalary provides “instant” loans to salaried employees on its mobile-first platform. The company is also experimenting with its buy now, pay later (BNPL) functionality.

The firm claims to have disbursed 2.8 million loans worth nearly $1 billion since launch with over 10 million app downloads.

EarlySalary last raised $10 million in a Series C funding round held in October 2020 and $15.7 million in a Series B funding round in 2018. The latest round takes the company’s total funding raised to date to over $130 million.