• FOUNDING YEAR: 2015
    LOCATION:
    India
    REGION:
    Maharashtra
    Last Update:
    9 Sep, 2019

Description

FOCUS

PRODUCTS & SERVICES:
Online/mobile lending platform for salaried persons. EarlySalary provides a small bridge loan to its customers to overcome short difficult period at the end of the month till their salary is credited. The avg loan size is $126.1-$3,154 (INR 8,000 to INR 2 Lakh), and its repayment period is between 7 days to one month.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Online retail consumers
EXISTING PARTNERSHIPS:
The company has partnered with Couponraja, BW Coupons, Corporate & SMEs.
COMMENT
The company claims to make lending decisions based on borrower's social and banking data within 70 minutes. EarlySalary developed its Underwriting System which is a self-learning Algo Based Decisioning System. The System in real time reviews Social Media and Credit Bureau data of customers and helps approve the loan for them. The company claims that 70% loans are given in under 10 minutes.

PEOPLE

FOUNDERS:
Akshay Mehrotra
Board Members and Advisors:
Hemant Kaul, Akshay Mehrotra, Ashish Goyal Srinath Sridharan, Karthik Prabhakar, Dhyanesh Shah
NUMBER OF EMPLOYEES:
51-200
INVESTORS:
IFMR Trust, IDG Ventures India, Deewan Housing Finance Corporation, Vistra, Eight Roads Ventures
KEY EMPLOYEES:
Akshay Mehrotra (CEO); Ashish Goyal (CFO)

TRACTION

COMMENT:
As of Oct 2017, The company has disbursed loans worth INR 60 crore to more than 42000 borrowers. The andoid/iOS app has received nearly one million downloads.

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$21.3 Millions
DATE OF LAST FUNDING:
Jan 2018
TOTAL FUNDING COMMENT:
The company will use funds to accelerate the growth and product technology. (Jan 2018)
SEED & PRIOR FUNDING:
$1.5 Millions
SEED CLOSED ON:
Nov 2015
FUNDING SERIES:
SERIES A
$4 Millions Closed: May 2017
SERIES B
$15.8 Millions Closed: Jan 2018
LISTED:
NO
COMMENT:
Debt financing: $.78 M (Sept 2017)

LATEST RESEARCH