FinTech Venture ‘EarlySalary’ forays into Ahmedabad

Posted by: at 7/27/2017 11:19:00 pm


~ India’s First Mobile App for Instant Cash, EarlySalary will offer instant loans to young working professionals in Ahmedabad ~
~ Get instant salary advance in 10minutes ~

Ahmedabad, 28th July 2017: EarlySalary.com, a Fintech startup, today announced the launch of its operations in Ahmedabad, the eighth market after successful series of launches in Pune, Bangalore, Chennai, Mumbai, Hyderabad, Delhi NCR and Jaipur. 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 more than half a million downloads in short span of time across Android & iOS mobile app platforms and has disbursed 25,000 loans to customers till date. The Company believes that there is a high dependence on Friends & Family for Short term needs of youngsters and EarlySalary is here to remove that embarrassment of asking friends and family for short term needs.

Ahmedabad has experienced surge with regards to online shopping trends amongst  gen-next. EarlySalary sees a huge potential in the Ahmedabad market, where a large chunk of working professionals have settled down. Over the last three months, the company has received more than three thousand loan requests from Ahmedabad alone, which led to the management’s decision to launch in the city. In May 2017, EarlySalary had announced its Series – A funding of $4Million from IDG Ventures and DHFL.

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 at 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 No cost for the customer. Only on disbursal, EarlySalary charges a nominal cost which works out to 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 help from Friends and Family member.  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
“Ahmedabad is gradually developing into an economic hub in Western India. A large percentage of the working population is showing similar financial consumption and lifestyle habits to metro cities like Bangalore, NCR and Mumbai. With the launch of EarlySalary in Ahmedabad, we aim to bring a quick solution to the instant cash requirement of young working professionals and help them sustain their lifestyle throughout the month. We are happy to bring our innovative offering to young professionals of Ahmedabad who would be needing a helping hand”.

Adding to this, Ashish Goyal, Co-Founder & CFO of EarlySalary said “Ahmedabad and Gandhinagar has emerged as new Centre of IT and Industrial hub provided wide ranging Career opportunities to young generation professionals. We see large potential from these markets and we are quite excited with our launch. We believe our product offering will bridge the gap for aspirational young professionals.”


About EarlySalary.com

EarlySalary is a short term small amount Loan given to Salaried Individuals on a mobile app. These loans are similar to salary/cash advances or credit card cash withdrawal. EarlySalary is a mobile app which allows you to apply and get a loan approval within minutes and instantly get money transferred to your account. Coupled with social profiling which gives better risk assessment, helps go beyond financial underwriting and IndiaStack; EarlySalary aims to do more prudent risk assessment and lend better and is today fast becoming the fastest lender in the country.

Key Features
·         Instant Salary Advance upto 50% of monthly Salary in under 10 minutes
·         Super Fast: 70% loans are given in under 10 minutes
·       Instant CASH: Salary advance/cash loans transferred to bank anytime instantly
·         Short duration: Cash loans from 7 days up to 90days
·       Instant Transactions: From Rs.8,000 to Rs.2Lac Cash transferred to Bank
·         Shop on Amazon and Pay Later after 30days with no extra charge.
·         Existing customer on repeat loans get 3 EMIs options and upto Rs.2Lac limit

Key Founding Members Include:
Akshay Mehrotra, CEO, previously served as the Chief Marketing Officer at Big Bazaar, Future Retail Limited, CMO at PolicyBazaar.com & Marketing Head at Bajaj Allianz Life Insurance
Ashish Goyal, CFO, is a chartered accountant by education and previously served as the Chief Investment Officer at Bajaj Allianz General Insurance.
Vimal Saboo, CBO, previously served as the Business Head of Edelweiss Capital and also served in senior roles at Axis Bank.
Vivek Jain, CTO, who previously served as the Principal Technology Architect at Infosys.


FinTech Venture ‘EarlySalary’ forays into Ahmedabad

(Left to right: Ashish Goyal (CFO), Akshay Mehrotra (CEO),))

FinTech Venture ‘EarlySalary’ forays into Ahmedabad

(Left to Right: Akshay Mehrotra (CEO), Ashish Goyal (CFO), Vivek Jain (CTO), Vimal Saboo (CBO)


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