India-based fintech EarlySalary announced on Thursday it secured Rs. 100 Crores through its Seris B funding round, which was led by Eight Roads Ventures India with participation from IDG Ventures India, Dewan Housing Finance Corp. Ltd. (DHFL) and seed investor Ashok Agarwal. The latest funding round comes just a few months after EarlySalary received Rs 5 Crore debt financing investment from IFMR Capital.
As previously reported, EarlySalary was founded in 2015 by Ashish Goyal and Akshay Mehrotra. It is building its mobile-first platform and smart risk scoring system. The platform revealed it will be deploying the Series B funds to accelerate its growth plans and target 100,000 loan disbursements per month by the end of 2018. While speaking about the investment round, Mehrotra stated:
“We are very excited to have Eight Roads Ventures India join our board. We see ourselves as a first line of credit for the young working India. We have three clear focus areas to work towards. Firstly, to further improve our technology stack and work on further investing in machine learning systems for better, faster and more prudent risk management. Secondly, to focus on building additional products and tenure options to help our customers across their varied cash needs. And thirdly, to leverage this better technology and broader product portfolio to grow our monthly volume to 100,000 disbursements by end of 2018. The key to our success will be helping more and more people without any human interface. As we scale this, it will be our clear differentiator.”
As a part of this transaction, Dhyanesh Shah, Principal at Eight Roads Ventures, will join the board of EarlySalary. He added:
“The financial services market in India is ripe for disruption, and we have been actively looking for differentiated opportunities. EarlySalary has stood out for its unique consumer proposition and exceptional management team. The company has cleverly leveraged data and technology to provide instant affordable loans to an otherwise excluded customer segment. We look forward to working closely with Akshay, Ashish and the management team at EarlySalary.”