Indian lending fintech EarlySalary has secured $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 offers loans of up to Rs 5 lakhs (approximately $6,300) to working professionals. The company has since ventured into the Buy Now Pay Later (BNPL) market, focusing on financing for education, healthcare, and consumer products.
With the aim of reaching the 50% of Indians who lack access to credit, EarlySalary is now operational in over 150 cities and has served a million customers through its digital loan offerings.
The new funding is intended to bolster EarlySalary’s BNPL segment and develop a comprehensive network of partners in the healthcare and edtech sectors.
Akshay Mehrotra, CEO of EarlySalary, stated, “The funding will not only assist us in expanding our cash business but also in building a range of capabilities to effectively serve a larger segment of customers. We are confident in our ability to continue innovating and achieving significant growth in our customer base.”