FinTech Venture ‘EarlySalary’ forays into the Pink city – ‘Jaipur’

Posted by: at 7/11/2017 03:43:00 am

~ India’s First Mobile App for Instant Cash, EarlySalary will offer instant loans to young working professionals in Jaipur ~
~ Crosses Half a Million Downloads ~

Jaipur, 11th July 2017: EarlySalary.com, a Fintech startup, today announced the launch of its operations in Jaipur, the seventh market after successful series of launches in Pune, Bangalore, Chennai, Mumbai, Hyderabad and Delhi NCR. 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 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.

EarlySalary sees a huge potential in the Jaipur market, where a good number of promising companies have opened up offices in the past few years. This has attracted young professionals who have settled here in corporate careers and need a helping hand at the end of the month. Over the last one month, the company has received more than one thousand loan requests from Jaipur 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 free 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. Today, EarlySalary is India’s 1st Salary Advance and instant cash mobile app and has already helped thousands of customers borrow without asking anyone or telling why he is taking an advance.  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. Today for nearly 35% of customers, EarlySalary is their 1st line of credit.

Commenting on the launch, Akshay Mehrotra, Co-founder & CEO of EarlySalary, said “Jaipur is fast becoming a booming information technology corridor and an emerging  new hub for job seekers. There is a demand for lifestyle oriented products & to fulfil the lifestyle needs there’s a need for a service like EarlySalary. And with this launch, we are happy to bring our innovative offering to young professionals of Pink City who would be needing a helping hand. Technology savvy people from Jaipur are our key customers and we are very enthusiastic and hopeful for positive response here”.

Elated about EarlySalary’s launch in Jaipur, Dr.Ashok Agarwal, Transcorp International Limited and IIHMR, said “We are happy to be associated with EarlySalary which aims to deliver a revolutionary new business model that is set to change the lending market in India. EarlySalary has always connected well with customers. With its launch in Jaipur, we are confident that the company definitely will make a difference in young working professional in the city’’. Dr.Agarwal is the Seed Investor to EarlySalary and has invested $1.5 Million in the start-up.

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

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

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


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

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


Photo Caption
From Left - Amit Nosina, Vice President of EarlySalary.com, Akshay Mehrotra, Co-founder & CEO of EarlySalary & Ayan Agarwal, AVP of Transcorp International Limited.

Akshay Mehrotra, Co-founder & CEO of EarlySalary at the launch in Jaipur
 Akshay Mehrotra, Co-founder & CEO of EarlySalary at the launch in Jaipur

From Left - Amit Nosina, Vice President of EarlySalary.com, Akshay Mehrotra, Co-founder & CEO of EarlySalary & Ayan Agarwal AVP of Transc
From Left - Amit Nosina, Vice President of EarlySalary.com, Akshay Mehrotra, Co-founder & CEO of EarlySalary & Ayan Agarwal AVP of Transc


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