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Fintech start-up EarlySalary, which offers short-term loans to young working professionals using the digital platform, has raised ₹100 crore via Series B funding led by Eight Roads Ventures India. Existing investors IDG Ventures India, Dewan Housing Finance Corp Ltd (DHFL) and seed investor Ashok Agarwal also participated in the round, according to a statement.
The start-up currently works with more than 100 large employers and partners to provide instant salary advances and short-term loans to young professionals through the EarlySalary mobile app.
Akshay Mehrotra, co-founder and Chief Executive Officer of EarlySalary, said in the statement that the funding will support strengthening the firm’s technology stack and expanding its product offering. The company provides loans even without a credit-bureau rating, using social-media surrogates for risk assessment and machine-learning scorecards for faster loans approvals, the statement said.
In May 2017, the company raised $4 million (₹27 crore) from IDG Ventures India and Dewan Housing Finance.
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