Mumbai, Maharashtra, India:
EarlySalary is India’s largest consumer lending platform for working professionals and offers Salary Advances, Instant Personal Loans, Cards and Buy Now Pay Later.
EarlySalary has tied up with HDB Financial Services Ltd (HDBFS), a leading Non-Banking Financial Company (NBFC) to fuel growth in Digital Lending. HDBFS–EarlySalary partnership aims to build momentum in the impact categories of Skill upgradation, Education Loans and Health-care finance. The association will also facilitate building a large consumer lending book with EarlySalary; which is reaching out to millions of under-served customers across the length and breadth of the country.
Speaking on this occasion, Mr. G Ramesh Managing Director & CEO of HDB Financial Services said, “HDB has a strong technology architecture and the best in class underwriting process. The HDB-Early-Salary partnership will help us reach millions of customers across India by providing them with easy finance with digital on-boarding and customer support, thus providing them with a seamless borrowing experience. This partnership also illustrates our ambition to speed-up the collaboration with FinTechs to create the services of tomorrow.”
Adding to this Akshay Mehrotra, Co-founder and CEO, EarlySalary said, “We have disbursed 2 Million loans since inception and will further disburse 1 Million loans this financial year. The Co-lending partnership with HDBFS will help us grow faster and help in an aim of disbursing nearly Rs. 5000 Cr in the next 18 months. Our affordability focus with Buy Now Pay Later on EdTech, Health and Consumer platforms aims to give access to products and services to masses with help of credit from EarlySalary. We are looking at disbursements worth 1000 Cr from the HDB-EarlySalary collaboration.”
EarlySalary is committed to providing a seamless customer experience by leveraging new-age technologies in the areas of data processing, AI/ML, and analytics for real-time analysis and decision making. EarlySalary aims to help millions of people lead a better life who want to achieve their financial freedom, meet any emergency needs and upgrade their lifestyles. EarlySalary has taken several steps to give users a better credit experience over the years.
About HDB Financial Services
Incorporated in 2007, HDB Financial Services (HDBFS) is a leading Non-Banking Financial Company (NBFC) that caters to the growing needs of “Aspirational India”. As a one-stop financial services provider, HDBFS offers a comprehensive suite of products and service offerings that are tailor-made to suit its customers’ requirements, including first time borrowers and the underserved segments.
HDBFS has demonstrated a strong growth record over the years. The Company is accredited with CARE AAA and CRISIL AAA ratings for its long-term debt & Bank facilities and an A1+ rating for its short-term debt & commercial papers, making it a strong and reliable financial institution. HDB has a widespread distribution network comprising 1319 branches in 959 cities and towns, as of March 31, 2021.
About EarlySalary
EarlySalary is India’s largest consumer lending application for salaried individuals that helps them with easy line of credit, salary advances and instant cash loans and. EarlySalary has become the preferred line of credit for digital India/every digital Indian. It focuses on helping its customers with different loan categories like shopping, travel, medical emergencies, or education. It also provides additional facilities like EMI credits and No-Cost EMI offerings to help consumers with easy repay options.
EarlySalary operates with a fully digitized and instant decision-making system which allows you to borrow in minutes rather than in days. The company has already disbursed nearly 2 million loans worth Rs. 4000 Cr.
Journey of EarlySalary since Inception
Early in 2015, Akshay Mehrotra, the Co-Founder and CEO of EarlySalary and Ashish Goyal, Co-Founder and CFO realized that there is a large credit underserved population in India. Easily accessible financial assistance was non- existent for young professionals and blue or grey collar workers in the country. They experience month-end cash crunch and due to lack of credit-score knowledge, they are unable to borrow money from the traditional credit facilities available.
Initially, EarlySalary was set up to provide short-term financial solutions to help users combat the month - end cash crunch. It introduced the concept of instant digital Salary Advance for the first time in the country. Today, while they are leaders in the digital salary advance and instant loans space, they have also integrated EarlySalary Financial Wellness Service that focuses on company employees or the blue-collar/entry-level workers to create a financial cushion in times of need. Also, with a special focus on Education and Skill upgradation, EarlySalary has introduced education loans on the app.
Funding Raised by EarlySalary
EarlySalary raised Series C Eight Roads Ventures and Chiratae Ventures has raised over $32Million in equity and nearly $120+Cr in Debt funding since inception.
Milestones achieved
Within 5 years of the launch of EarlySalary’s mobile app, the company has disbursed 1.9 million loans amounting to Rs. 4000 Crores. But internally the key milestones which founders look at accounting for as success are very different, which include:
- The ability to build acceptance not only from direct consumers but also key employers
- Hyper repeat and retention of customers
- Low delinquency
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