In its first round of debt financing, a Fintech startup EarlySalary, which offers salary advances and instant short-term loans, has raised Rs 5 crore from IFMR Capital. It will help in accelerating its growth plans, as per media sources.
Commenting on the development Akshay Mehrotra, CEO, EarlySalary told to ETtech, "Powered by digital score carding and robust social media underwriting systems, we have successfully disbursed 7000+ loans last month. Given the excellent response we have received, especially from young working Millennials, EarlySalary is on a high growth trajectory.”
According to ET tech, in the month of May, the company raised $4 million (Rs 28 crore) equity funding in Series A round from IDG Ventures India & DHFL. It planned to utilize its equity multiple times over the next few months.
Last month, EarlySalary disbursed over 7,000 loans and it plans to reach a target of 30,000 loan disbursements per month by the end of this financial year.
As reported by People Matters earlier, Pune based Fin-tech Startup helps users to sustain their lifestyle without asking money from friends and relatives.
EarlySalary focuses on segment such as young salaried professionals who need a helping hand at the end-of -the-month in the beginning of their careers. It is a mobile app based platform that allows instant application of short-term loans. The loans are thus approved and disbursed by RBI and approved by NBFC. Its super-fast decision-making mechanism helps to get the loan approved within minutes with the help of the social algorithm and artificial machine intelligence. The best part is that it offers instant cash ranging from Rs. 10,000 to Rs.1 lac for a tenure period of 7 to 30 days.