EarlySalary Reaches the Milestone of 1 Million Loans

EarlySalary, India’s largest consumer lending app for salaried individuals, recently achieved a key milestone of successfully disbursing 1 million loans amounting to Rs 1,850+ crores.

The app primarily provides young working professionals an easy line of credit, instant cash loans, interest-free EMIs and other long term loans in sectors such as education, travel, shopping, etc. Apart from working professionals, the company also acts as a financial wellness provider for blue-collar or entry-level workers and has over 400 corporates who have signed up for their Financial Wellness Offering & Salary Advances in their customer base.

To celebrate this milestone, EarlySalary is launching a campaign where customers can do a virtual handshake with the app and get exciting rewards in return.

Taking a closer look at the demographics of the recipients of the 1 million salary advance disbursals, it was observed that:

• The majority of customers (67%) were millennials in the age group 26-35 years old.


• They were mainly job beginners with a work experience of 0 - 2 years.


• The average salary of borrowers was Rs 40,000 per month.


• Monthly Loan Disbursal - Rs 130 Cr.


• The highest demand was from the city of Bengaluru (27%), followed by Delhi & NCR region (21%), and Hyderabad (13%).


• While EarlySalary does not ask its customers for their reasons to seek funds, it was observed that these spike during festivals and long weekends, which thereby imply that people want to shop for the latest gadgets, to travel, etc.

Adoption and implementation of the latest technologies in the digital lending sector have greatly assisted EarlySalary in crossing this significant milestone of 1 million disbursals. The app operates with a fully digitalized and instant decision-making system, which allows users to borrow in mere minutes rather than days. The company is focused on building a Deep Tech Machine Learning platform with data integration across multiple data sources, to help understand customer profiles better and faster to facilitate these loans. Apart from this, seamless customer onboarding, loan origination and management systems that can handle up to 250,000 monthly transactions have been built in-house.

“Completing 1 million salary advances is a major milestone for EarlySalary, as we continue to be the first line of credit for young Indians. These customers often experience a month-end cash crunch and due to lack of credit-score knowledge, they are unable to borrow money from the traditional credit facilities available. It is this gap that EarlySalary has been able to successfully mitigate for its consumers. This is further backed by hyper repeat and good retention rates of customers, and delinquency rates of less than 1%. This speaks volumes about the Machine Learning Scorecards and risk engines built by us while giving loans in seconds, and this is why the future looks bright for EarlySalary,” said Akshay Mehrotra, Co-Founder, and CEO of EarlySalary.

Ashish Goyal, Co-Founder and CFO added, “At EarlySalary, upgrading lives through technology and customer experience has been at the core of every initiative we have undertaken. We are happy to have been of help to our customers a million times, who needed funds quickly and with ease, to either tide over an emergency or to fulfil their desire to upgrade their lifestyle. We thank our customers who have trusted us and believed in our product making a difference to their lives. We also take this opportunity to thank our partners and lenders for their support in this journey. We are on the path to fulfil our aspiration to become the first choice of credit for young aspiring India.”

EarlySalary.com was founded by Akshay Mehrotra and Ashish Goyal in 2015 and is India’s largest consumer lending application, crossing the INR 1850 Crores disbursal mark. The mobile-first lending application has provided financial assistance to over 250,000 unique customers through 1 million cumulative loans across 17 cities, which has made EarlySalary the first line of credit for young working Indians.

About EarlySalary.com

Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app that allows salaried individuals to avail of financial assistance. The company offers a bouquet of products tailored to the need of young India including salary advances, instant loans, interest-free EMI options and a line of credit to shop. The company conducts a prudent risk assessment by leveraging machine learning to go beyond financial underwriting.

EarlySalary earlier raised INR 100 crores in January 2018 led by Eight Roads Ventures (Fidelity). With more than 10 Million Downloads and loans worth Rs. 1850 crores already being disbursed, EarlySalary is helping customers borrow within minutes. EarlySalary has fast become the 1st line of credit for young working professionals in India.

~ Business Wire India

EarlySalary Has Successfully Crossed the INR 1000 Crore Disbursal Mark

EarlySalary, India’s largest consumer lending mobile application has crossed the INR 1000 crore disbursal mark by virtue of their continuous focus on innovation in the lending space. Akshay Mehrotra and Ashish Goyal established the Pune based startup in 2016. The monthly disbursal rate has seen a significant 200% year on year growth. It has grown from INR 3 crores in March 2017 to INR 34 crores in March, 2018 and to INR 102 crores in March, 2019. The mobile application has been downloaded over 9 million times so far and over 600,000 loans have been disbursed in the last three years. EarlySalary caters primarily to the underserved sections of society such as young salaried professionals as well as the blue and grey collar workers.

EarlySalary currently disburses over 60,000 loans a month and less than 3000 of these loans require any kind of human intervention, because of the high level of digitisation that the platform operates on. The decision-making process is based on a unique lending algorithm that combines traditional credit scores with non-traditional data and other parameters linked risk assessment. Both first time and repeat users of the application are reviewed through a unique SocialWorth underwriting system and machine learning platform which allows salaried individuals which includes offering loans to New to Credit (NTC) also.

EarlySalary currently has over 225 corporate partners where a total of 5 lakh employees work. They can avail of the salary advances with great ease. EarlySalary’s customers can also avail of the credit line approved to transact on Amazon, Flipkart, MakeMyTrip, Yatra and Big Bazaar. Similarly, additional features now include easy School Fee Finance & Education loans for Skill Upgradation. They also recently opened India’s first ever FinTech SmartOffice in Bengaluru, which acts as an offline channel for customer engagement.

Speaking on the development, Akshay Mehrotra, the Co-founder and CEO of EarlySalary said, “India is a fast growing market with a large percentage of young population. However, there is still a lack of access to credit, which ultimately is essential for development. This is where we come in; EarlySalary provides the credit underserved groups with timely financial assistance through technology and data-driven approach with a low delinquency rate. This has helped us scale up the business very quickly and we believe that we will cater to at least four to five million users in the next couple of years. The fact that we are now the country’s largest consumer lending application is a testimony of the faith and confidence that our users have in us.”

Ashish Goyal, the Co-founder and CFO of EarlySalary added, “EarlySalary addresses an important requirement; to provide a timely and hassle free experience to users seeking financial assistance. Providing the best customer experience is our highest priority, hence, we have launched 360-degree products that allow new users to access their credit lines. When we look back at the last three years of our existence, we have had our fair share of excitement and have successfully scaled up the business. We are now determined to take EarlySalary to the next level.”
About EarlySalary.com

Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app, which allows salaried individuals to avail of financial assistance. This is similar to salary advances or credit card cash withdrawals, empowering consumers with ready cash when they need it the most. The company conducts prudent risk assessment by leveraging machine learning to go beyond financial underwriting.

EarlySalary raised INR 100 crore funding in January 2018 led by Eight Roads (Fidelity) Ventures. With loans worth INR 1000 crore having already been disbursed, EarlySalary is helping customers borrow within minutes. While concentrating on providing instant loans to young working professionals, EarlySalary has fast become the first line of credit for young working professionals in India.

Key Features

• Instant Salary Advance in less than 10 minutes


• High Automation: 73% of loans are Machine Approved & instantly disbursed


• Instant Cash: Salary advance/cash loans transferred to bank anytime instantly


• Short duration: Cash loans from 7 days up to 90 days for the first loans and repeat customers can get longer tenure loans also.


• Instant Transactions: From Rs. 5,000 to Rs. 2 Lac cash transferred to the customer’s bank account


• Shop now and pay later - ability to use the loan limit to shop online on credit on Amazon, Flipkart & BigBazaar.


• EarlySalary Shakti: special instant loans to underserved Blue & Grey Collared Working Professionals


• FeES: education loans to pay for your child’s school fees & education needs or pay for a skill upgradation course.

[Published unedited via Business Wire India Feed]

After Raising $4M in Series A, EarlySalary Launches Its Operations in 3 New Cities

EarlySalary.com, a Fintech startup, today announced the launch of its operations in Visakhapatnam, Mysore and Vijaywada 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. 60 Cr. 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 $4 million 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.”

After Raising $4M in Series A, EarlySalary Launches Its Operations in 3 New Cities

EarlySalary.com, a Fintech startup, today announced the launch of its operations in Visakhapatnam, Mysore and Vijaywada 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. 60 Cr. 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 $4 million 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.”

Fintech Startup EarlySalary Secures Rs 5 Cr Debt From IFMR Capital

EarlySalary, India’s fintech startup to offer salary advances and instant cash loans has raised its first round of debt financing of Rs 5 cr from IFMR Capital. Prior to this, In May 2017, the startup has announced its Series A funding of $4 Million from IDG Ventures India (IDGVI) and Dewan Housing Finance Corp Ltd (DHFL).

The current infused capital will help EarlySalary to accelerate its growth plans. The company has disbursed over 7,000 loans last month and plans to reach a target of 30,000 loan disbursements per month by the end of this financial year.

Commenting on the development, Kshama Fernandes, Chief Executive Officer, IFMR Capital said, "Our strategy has always been to identify high potential companies at an early stage and support them by providing capital, customised structured product solutions and access to a wide spectrum of investors.This association with EarlySalary fits right into that philosophy. We believe they are pioneers in using technology to disrupt the current retail credit ecosystem, successfully impacting a large number of professionals who are not served by banks."

EarlySalary was co-founded by Akshay Mehrotra and Ashish Goyal 18 months back and had raised Seed Funding from Ashok Agarwal of Transcorp International. Till date, the app has received 3,50,000+ downloads across its Android & iOS mobile app platform. The firm focuses on helping young working professionals get Instant Loans and Salary Advances in minutes and is fast becoming the first line of credit to young working Indians.

"Powered by digital score carding and robust social media underwriting systems, we have successfully disbursed 7000+ loans last month. EarlySalary is on a high growth trajectory, given the excellent response we have received, especially from young working millennials. Since lending is our main business, money is working capital for us. Getting access to debt for an early stage lending startup is the key to success," said Akshay Mehrotra, CEO, EarlySalary.

Adding to this, Co-Founder and CFO Ashish Goyal said “We are confident of making our loan book stronger by disbursing 30,000+ loans per month by the end of this financial year. Looking at the current traction we are targeting to cross 1 Million downloads over the next month”.

The company has distributed 15,000+ loans to customers borrowing between Rs.8,000 to Rs.1,00,000 at a low cost of Rs.9 per Rs.10,000 per day. The company also partners with many large Corporates as well as SMEs across the country to give Salary Advances to employees.

More than 80% of its customer base is in their first career roles and most of them are new to credit and are first time borrowers. Over the past year, EarlySalary developed its Underwriting System which is a self-learning Algo Based Decisioning System. The System in real time reviews Social Media and Credit Bureau data of customers and helps approve the loan for them.

EarlySalary currently has operations in 8 cities including Mumbai, Pune, Chennai, Bangalore, Hyderabad, New Delhi, Jaipur, and Ahmedabad, and is looking at expanding into other cities as well.

FinTech Startup EarlySalary Raises $4M in Series A from IDG Ventures India & DHFL

EarlySalary, India’s FinTech startup to offer Salary Advances and Instant Cash Loans has announced its Series A funding of $4 Million from IDG Ventures India (IDGVI) and Dewan Housing Finance Corp Ltd (DHFL).

The company focuses on helping young working professionals get Instant Loans and Salary Advances in minutes and is fast becoming the first line of credit to young working Indians. More than 80% of its customer base is in their first career roles and most of them are new to credit and are first time borrowers. Over the past year, EarlySalary developed its Underwriting System which is a self-learning Algo Based Decisioning System. The System in real time reviews Social Media and Credit Bureau data of customers and helps approve the loan for them.

Targeted at young working professionals with a clear focus, - ‘1st line of Credit for young working Indians’, Akshay Mehrotra, Co-Founder & CEO commented ‘We are very excited to have IDG Ventures India and DHFL as Investors on Board and this combination and capital will provide the necessary growth impetus and management depth needed to accelerate growth and the innovation process at EarlySalary.

Ashish Goyal, Co-Founder & CFO further added, ‘As a team, we are focused on solving the problem of providing access to instant credit & cash for a short period of time and at a reasonable price all time anytime’.

Speaking on this occasion, Karthik Prabhakar, Director, IDG Ventures India Advisors said, ‘We believe FinTech firms are changing the way India will bank and EarlySalary’s capability of using Social Media based Underwriting decisioning will help many young working professionals get access to credit which is otherwise not possible. This over a period of time will create a wealth of information on credit-worthy customers, to offer more diverse products through partners’.

Commenting on the development, Harshil Mehta, CEO, DHFL said, “We see a potential opportunity in EarlySalary which is led by an enterprising and talented group of founding members. The financial technology space in India is at an exciting stage and is steadily making deep inroads into the BFSI industry supported by cutting edge technology. We look forward to a synergistic association that will enable us to leverage their technology solutions, and to working closely with the team as they scale up the business.”

The Series A capital will be primarily deployed in three particular areas, vizz:
1. Build leverage on capital deployed for building products and lending book
2. Expand team specifically in skill sets of machine learning.
3. Grow customer base and provide 200,000 loans in this FY

EarlySalary was co-founded by Akshay Mehrotra and Ashish Goyal 18 months back and had raised Seed Funding from Ashok Agarwal of Transcorp International. Till date, the app has received 3,50,000+ downloads across its Android & iOS mobile app platform. The company has distributed 15,000+ loans to customers borrowing between Rs.8,000 to Rs.1,00,000 at a low cost of Rs.9 per Rs.10,000 per day. The company also partners with many large Corporates as well as SMEs across the country to give Salary Advances to employees.