EarlySalary receives the CARE credit rating from BBB
EarlySalary, India’s Largest Consumer Loan Application, Received a CARE BBB Credit Rating; Stable (Triple B, Outlook: Stable) from CARE Ratings. The ratings assigned to EarlySalary’s debt securities take into account its adequate capitalization as well as the participation of reputable private investors, the diverse and in-depth experience of senior management and a strong business and operational process.
CARE Ratings provides the full range of credit ratings that help companies raise capital for their various requirements and help investors make an informed investment decision based on credit risk and their own risk-return expectations.
EarlySalary’s primary rating strengths include the involvement of diverse investors, diverse management experience in retail and financial services, a comfortable fit of capital, business, operational processes and a leadership position. solid liquidity. In 2018, EarlySalary raised $ 15.7 million in Series B funding led by Eight Roads Ventures India. EarlySalary also recently became the first consumer fintech lender to complete a $ 1 million loan transfer transaction with Northern Arc Capital. This is in addition to a $ 2 million NCD show recently.
Speaking of this evolution, Akshay Mehrotra, CEO and co-founder of EarlySalary mentionned, “We recently completed three years of operations and this credit rating from CARE, one of the leading credit rating agencies in India, is a validation of all of our business efforts. 2018 was an extremely eventful year for EarlySalary as we increased our Series B funding, became the largest consumer loan demand in the country, and acquired a promising FinTech start-up. In addition, we became the first consumer lender to complete a loan transfer transaction and have worked on many other initiatives to better serve our clients. We are proud of these achievements, which prove how strong an impact we have had on the market in a relatively short period of time. “
By developing this, Ashish Goyal, CFO and co-founder of EarlySalary added, “CARE’s investment grade credit rating is a testament to our strong business principles, strong models and good risk management practices. While the past few months have been difficult for NBFCs, we have received strong market support, and we are confident this will instill more confidence and help expand our resource base and liquidity profile. “
EarlySalary is aimed at salaried professionals over the age of 21 with a monthly salary of over Rs 18,000. 24-30 year olds are the largest user base of the mobile first application and more than 55% of these borrowers work for the 200 largest companies in the country. The app has been downloaded over 9 million times so far and over 500,000 loans worth INR 850 crore have been disbursed. Users can currently avail loans of up to INR 2 lakhs; a line of credit ranging from 50 days to 2 years and interest-free IMEs for purchases and travel.
Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile application that allows employees to benefit from financial assistance. This is similar to payday advances or cash withdrawals from a credit card, allowing consumers to have cash when they need it most. The company conducts a conservative risk assessment by leveraging machine learning to go beyond financial underwriting.
EarlySalary raised funding of INR 100 crore in January 2018 led by Eight Roads (Fidelity) Ventures. With loans worth Rs. 850 Cr having already been disbursed, EarlySalary helps clients to borrow in minutes. While focusing on providing instant loans to young working professionals, EarlySalary quickly became the premier line of credit for young working professionals in India.
- Instant pay advance in less than 10 minutes
- High automation: 73% of loans are machine approved and disbursed instantly
- Instant Cash: Payday advance / cash loans transferred to the bank anytime instantly
- Short term: cash loans from 7 days to 90 days for first time loans and repeat customers can also get longer term loans
- Instant transactions: from Rs. 5,000 to Rs. 2 Lac cash transferred to customer’s bank account
- Buy now and pay later – option to use loan limit to buy online on credit at Amazon, Flipkart and BigBazaar
- EarlySalary Shakti: Special instant loans to underserved blue and gray-collar professionals
- FEES: student loans to pay for your child’s tuition and educational needs or to pay for a skills upgrading course