Private Equity PE Fund Investments
Online lending platform EarlySalary raises $97-M from TPG Growth, Norwest, Piramal Capital
Source INC42 (opens in a new tab)
Pune-based fintech startup EarlySalary has raised close to USD 97 million (INR 775.4 crore) in a funding round led by TPG Growth. Norwest Capital and Piramal Capita also participated in the round. TPG invested USD 56 million (INR 448.5 crore; through its The Rise Fund III SF Pte) and Norwest innested USD 34.5 million (INR 276 crore). Piramal Capital and Housing Finance invested USD 6.3 million (INR 50.9 crore).
Post the fund raise, TPG Growth will hold 23.3% stake in EarlySalary, while Norwest Capital will own 14.4% stake and Piramal Capital and Housing Finance, 8.4%. With this investment, the total stake of institutional investors in EarlySalary grew to 51.85%.
EarlySalary focuses on young working professionals. It claims to be operational in 27 cities in the country including Ahmedabad, Jaipur, Kolkata, Gurugram, and Mumbai.
Company website ↗ (opens in a new tab)
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 Roads Ventures and others (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)