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India's EarlySalary raises $110m

India's EarlySalary raises $110m

Indian lending fintech EarlySalary has raised $110 million in a Series D funding round led by TPG’s The Rise Fund and Norwest Venture Partners.

Founded in Pune in 2015, EarlySalary provides loans of up to Rs 5 lakhs (about $6300) to working professionals. The company has since expanded into the BNPL market, with a focus on education, health and consumer product financing.

Targeting the 50% of Indians that do not have access to credit, the firm is now operating in over 150 cities, with a million customers for its digital loans.

The new funding will be used to expand EarlySalary's BNPL segment and build out an extensive network of partners across the healthcare and edtech segments.

Akshay Mehrotra, CEO, EarlySalary, says: "The funding will not only help us in expanding our cash business but also build an array of capabilities to efficiently serve a larger segment of customers.

"We are confident in our ability to keep innovating and achieving 10x large growth in our customer base."

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