SalarySe Nets $11.3 Mn To Scale Its Salary-Linked Credit Platform

Fintech startup SalarySe has raised $11.3 Mn (around INR 94 Cr) in its Series A round led by Flourish Ventures. The round also saw participation from Susquehanna Asia VC and existing backers namely Peak XV Partners’ Surge and Pravega Ventures.

Speaking with Inc42, SalarySe cofounder Piyush Bagaria said that Flourish Ventures infused about $5 Mn, while Susquehanna contributed $3 Mn in the round. The remaining $3.3 Mn came from existing investors Peak XV and Pravega.

The round, which involved around 25% dilution, pegged SalarySe at a roughly $44 Mn post-money valuation. Bagaria added that the shareholding of the cofounders now stands at around 40%, post the round.

Founded in 2023 by Bagaria, Mohit Gorisariya and Saumeet Nanda, SalarySe offers salary-linked credit and financial wellness products to its customers. By integrating its offerings directly with employers, the company claims to cater to users at over 100 large enterprises across IT, healthcare, BFSI and manufacturing sectors.

Besides its core credit-on-UPI product, SalarySe also offers tools for savings, personal finance management and financial literacy.

SalarySe plans to utilise the fresh capital to expand its corporate network to about 1,000 companies in the next two years and enhance its offerings. It will also deploy a chunk of the funds to ramp up its tech stack, shore up product development, and build an AI-driven layer to deliver personalised user experiences.

It also plans to strengthen integrations with banking partners such as HDFC Bank and RBL Bank and onboard additional financial institutions.

This is SalarySe’s second fundraise in the last two years. In January 2024, the fintech startup bagged $5.25 Mn in seed funding from Peak XV Partner and Pravega Ventures.

On the financial front, Gorisariya told Inc42 that the startup reported a revenue of 300K (INR 2.6 Cr) in FY25 against a net loss of INR 12 Cr. He pointed out that Smost of its initial period (2023 and 2024) was spent on onboarding corporate clients and securing a NPCI’s third party application provider (TPAP) license for UPI payments.

Going forward, Gorisariya said that the company plans to scale the number and clock an annual recurring revenue (ARR) of $4 Mn to $5 Mn in the next 12 months.

Note: The story has been updated to include the clarity on revenue for FY25 given by the company.

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