Pune-based digital short-term lending startup EarlySalary has raised INR 100 crores (approximately USD 15.7 million) in a Series B funding round led by Eight Roads Ventures India, the investment arm of Fidelity International with participation from existing investors IDG Ventures India, Dewan Housing Finance and seed investors led by Mr. Ashok Agarwal, as reported by The Economic Times and The Hindu Business Line. The fin-tech startup had earlier raised INR 27 crores ($4 million) in a Series A round of funding from its existing investors in May 2017.

LegaLogic Consulting acted as the sole legal counsel for EarlySalary and its founders, IDG Ventures India, Dewan Housing Finance and the seed investors in the fundraising, and were led by Pune-based co-founders and partners Vivek Sadhale and Vikas Agarwal along with legal advisor Tanvi Ghate .

Cyril Amarchand Mangaldas advised Eight Roads Ventures India and was represented by its Bangalore-based partner Maheshwari Sundaresh.

Started in 2015, EarlySalary focuses on providing instant cash and short-term loans to young working professionals in the country. The current fundraising is reported to support the strengthening of the firm’s technology stack and expanding its product offering with plans to increase the number of disbursals manifold to 100k per month.

2018-01-04