SalarySe secures $5.25 million in seed funding from Peak XV Surge, Pravega

Gurugram-based fintech startup SalarySe has raised $5.25 million in first institutional funding round from Peak XV’s seed fund Surge and Pravega Ventures.

Founded in 2023 by IIT graduates Piyush Bagaria and Saumeet Nanda along with Mohit Gorisariya, a chartered accountant, SalarySe is developing technology platform to offer credit on digital payment railroad Unified Payments Interface (UPI)  to help salaried employees.

The company aims to help more than 100 million salaried employees in India spend, save, invest and plan their salaries smartly and reduce financial stress in their lives. The company will launch the Credit-on-UPI system for salaried employees in the next few months and is partnering with banks, HR SaaS platforms and employers for the launch.

• Also read: PierSight raises $6 m in seed round by Alpha Wave Ventures, Elevation Capital

Credit penetration

“UPI has seen unprecedented acceptance amongst both merchants and retail consumers across India, which makes it the right technology platform to deepen credit penetration for the middle class. This forms the basis for SalarySe’s success as one of the early entrants in the Credit-on-UPI space. NPCI’s state-of-the art technology coupled with SalarySe’s unique employer-linked credit model helps reduce fraud and collections risk on the revolving credit products. This allows us to bring access to the next 100 million Indians who desire the product but do not have access today,” said Piyush Bagaria, Co-founder at SalarySe.

The startup is targeting three sectors-- information technology and people Sservices, manufacturing and sales led sectors including FMCG, consumer durables and others, said Mohit Gorisariya, Co-founder at SalarySe.

• Also read: Oxyzen Express closes seed capital fund raise round two at $3 mn

Currently, the Reserve Bank of Indiarestricts UPI on credit to banks only. Hence, start-ups like SalarySe will need to work with banks for such services.

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