Business Wire India
|Left to right: Ashish Goyal (CFO), Akshay Mehrotra (CEO)|
a Fintech startup, today announced the launch of its operations in Visakhapatnam, Mysore and Vijayawada after a successful series of launches in Pune, Bangalore, Chennai, Mumbai, Hyderabad, Delhi NCR, Jaipur & Ahmedabad. This multi-city launch will create a distinguished presence of EarlySalary across 11 major cities in India. EarlySalary aims to support young professionals overcome their month-end financial needs. The company provides instant loans from as low as Rs. 8,000 up to Rs. 1,00,000/- for up to 30 days. The app has received nearly one million downloads in a short span of time across Android & iOS mobile app platforms and has disbursed 42,000 loans to customers till date worth Rs. 60Cr. The company believes that there is a high dependency on friends & family for short term needs of youngsters and EarlySalary is here to remove that embarrassment of asking friends and family.
Visakhapatnam, Mysore & Vijaywada have seen an increase in the number of internet and smartphone users over the past few years. EarlySalary sees a huge potential in these three markets due to a large number of working professionals settling down here. The company’s management decided to launch in these 3 cities, owing to an overwhelming response of 8000 loan requests in the last quarter.
In May 2017, EarlySalary had announced its Series – A funding of $4Million from IDG Ventures and DHFL and this has been enabling us to grow in a fast and dynamic way. Currently, the company’s growth is fueled by improved processing capabilities resulting in the ability to disburse quick loans to young working professionals within 10 minutes.
EarlySalary is a Salary Advance option which allows an individual to get an instant credit limit against his monthly salary, which is available to him anytime of the day or night. All he has to do is tap his phone to get his salary advance credited to his bank account instantly. Keeping a credit line is free for the customer. Only on disbursement, EarlySalary charges a nominal cost which works out to be less than Rs. 9 per Rs.10, 000 towards interest. The interest percentage is nearly half of a credit card. EarlySalary has already helped thousands of customers borrow without asking for help from friends and family members. EarlySalary’s unique social media based underwriting system and machine learning platform allows even a person who is New to Credit (NTC) or Customer without Credit Bureau scores to borrow.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO of EarlySalary, said “We have seen a surge in demand from new employment hubs and IT cities across the country and hence, we are working towards providing a 10-minute loan service across these markets. Our current round of funding has improved our ability to help many more customers get access to instant loans and salary advances. We are working towards building a customer base of nearly 100,000 customers over the next year.”
He also added saying “As we approach the festive season, we are witnessing a very high demand for our offerings across the country and we are totally geared up to fulfill this increase in demand.”