Today: Jun 14, 2024

Hot: SalarySe secures $5.2 Mn backing from Surge and Pravega!

5 months ago

SalarySe, a fintech startup based in Gurgaon, India, has raised $5.2 million in seed funding from Surge Ventures and Pravega Ventures. The company, which specializes in developing credit-on-UPI apps for salaried employees, plans to use the funding to expand its product offerings and reach a wider audience.

The funding round was led by Surge Ventures, the early-stage focused VC arm of Peak XV Partners, which contributed nearly $3.3 million. Pravega Ventures, through Vistra ITCL India, invested nearly $1.9 million. In addition to the funding, SalarySe also created an employee stock option pool, reserving $1.5 million worth of equity shares for employees.

SalarySe’s product offerings are positioned at the convergence of UPI, credit cards, and rewards, putting it in competition with platforms like Slice, OneCard, and Uni. The company has partnered with Yes Bank as its banking partner and Sugamya Finance as its lending partner.

The startup, founded by Saumeet Nanda, Mohit Gorisariya, and Piyush Bagaria, has been valued at around $15 million in its maiden funding round, according to startup intelligence platform TheKredible. Surge Ventures now owns 20.34% of the company, while Pravega Ventures owns 15.26%. The three co-founders collectively hold a 54% stake.

With the new funding, SalarySe plans to enhance its technology infrastructure, develop new features, expand its user base, and increase its network of banking and lending partners. The company aims to become a one-stop platform for all financial needs of salaried individuals, including loans, credit cards, and savings products.

The fintech sector in India has been witnessing significant growth in recent years, driven by the increasing digitalization of financial services and the country’s large unbanked population. SalarySe aims to tap into this market by offering convenient and accessible financial solutions tailored to the needs of salaried individuals.

Overall, the successful seed funding round is a major milestone for SalarySe, providing the startup with the necessary capital to scale its operations and further establish itself as a leading player in the Indian fintech industry. The company’s innovative credit-on-UPI app and strategic partnerships with banking and lending institutions position it well for future growth and success.