Indian lending firm to reportedly raise $100m series D

India-based EarlySalary, a lending platform, is set to raise a US$100 million round in the near future, Entrackr reported, citing three people with knowledge of the matter.

While TPG Growth is reportedly “likely to lead the round,” new and existing investors are also participating in the round, which is supposedly at an “advanced stage.”

EarlySalary last raised US$10 million in its series C round from Eight Road Ventures and Chiratae Ventures.

Founded by Ashish Goyal and Akshay Mehrotra, EarlySalary works with small, medium, and large companies to disburse short-term loans to customers. Its services include buy now, pay later, personal loans, instant loans, and its SalaryCard for salaried employees. The startup said it works with 280 companies and has given out 2.5 million loans since 2015.

In 2021, the company incurred a US$2.4 million loss while its operating revenue declined 17% from the previous financial year.

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