India based consumer lending platform EarlySalary has raised a $15.7m Series B round led by Eight Roads Ventures India.
The three-year-old startup essentially offers a mobile app that allows salaried individuals to avail instant loans for an average tenure of 30 days or till the next salary cycle. The company claims that it can disburse up to 50% of an individual’s salary in less than 10 minutes and stated that around 70% of its loan applications are disbursed in this mode. Based on the nature of the loan and amount, the company offers repayment tenures ranging between seven days to a maximum of three months. The company has capped the upper limit for sanctioning loans at Rs 2 lakh. In May last year, it raised $4 million in its Series A funding round led by IDG Ventures India and DHFL. In September 2017, it raised Rs 5 crore ($780,675) in debt financing from IFMR Capital.