EarlySalary raises $4 mn from IDG Ventures India, DHFL

EarlySalary, a startup that offers salary advances, today said it has received USD 4 million in funding from IDG Ventures India (IDGVI) and Dewan Housing Finance Corp Ltd (DHFL).
The series A capital will be primarily deployed towards building products and lending book, expanding team (specifically in machine learning) and expanding customer base, the company said in a statement.
This combination of investors and capital will provide the necessary growth impetus and management depth needed to accelerate growth and the innovation process at the company, EarlySalary co-founder and CEO Akshay Mehrotra said.
EarlySalary was co-founded by Akshay Mehrotra and Ashish Goyal about 18 months back. It had raised seed funding from Ashok Agarwal of Transcorp International.

The company has distributed over 15,000 loans to customers borrowing between Rs 8,000 to Rs 1 lakh. It also partners large corporates as well as SMEs across the country to offer salary advances to employees.