Other Deals
EarlySalary founders to invest $13-M to up stake to 12%
The founders of Pune-based consumer-lending fintech startup EarlySalary are increasing their stake from the existing 4% to 12%. The company will allot 18,000 Series D1 non-cumulative, compulsory and fully convertible preference shares to the founders in exchange of USD 13 million (INR 104.2 crore). EarlySalary is a lending app focusing on young working professionals. The startup offers instant loans up to the range of INR 5 Lakh. It claims to have over 10 million downloads and has already disbursed INR 5,000 Cr of loans to 2.4 million customers. It has tie ups with over 700 companies. The startup further intends to raise debt worth INR 250 Crore (USD 31 million) in FY2022 – FY2023.
From the Venture Intelligence PE-VC Deal Database: Between May 17 and Feb 20, EarlySalary had raised over USD 28 M from Chiratae Ventures, Eight Road Ventures and others (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
