Company Name : EarlySalary
Funding Amount : $1.5 million
Investor(s) Ashok Agarwal . .
Funding Round : Seed round
Founded by a 3-member team; Akshay Mehrotra, Ashish Goyal, & Jay Jain, EarlySalary has raised $1.5 million seed capital from Ashok Agarwal of Transcorp Group.
The raised funds will be used towards building a mobile app-based lending platform.
Akshay Mehrotra, Co-Founder & CEO of the venture said, “We as a population are dominated by a strong middle class & young individuals. There have always been times of the month where we are left with empty pockets. Being broke at the end of the month is a common problem, and EarlySalary.com plans to help provide a small bridge loan to tide over that short difficult period till your salary reaches your account.”
Akshay further explained, “EarlySalary.com moves away from conventional underwriting formulae of lending and looks more towards the e-Information of an individual to truly deliver an e-Commerce experience, instant approval followed by disbursement. We are confident EarlySalary.com will usher in a new way for the financial services business in the country powered by Social Media & strong Data Analytics.”
The company aims to introduce its mobile app-based lending platform in three months and with technology driven approach hopes to solve the issues of transparency and make the process simple, quick and trustworthy.