SalarySe, building a credit on UPI product stack, Secures $5.2 Million in Seed Funding Led by Surge Ventures

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The financial landscape can be unforgiving to navigate for those dependent on a fixed income. From managing daily expenses to understanding the intricacies of credit, can be a challenging task for salaried employees. Recognizing these challenges, SalarySe has developed an innovative credit-on-UPI product stack. These products streamline the process of financial transactions and offer tailored solutions for diverse needs. On the way to addressing these challenges, SalarySe has embarked on a new chapter by securing $5.2 million in a seed funding round led by Surge Ventures, the early-stage venture capital arm of Peak XV Partners.

SalarySe App in Action
SalarySe App in Action

According to a regulatory finding sourced from the Registrar of Companies, the board of SalarySe has approved a special resolution to issue 6563 Seed compulsory convertible preference shares at Rs 66,608 per share. The issue of the shares resulted in a total funding amount of Rs 43.71 crore, with Surge Ventures contributing Rs 25 crore and Pravega Ventures investing Rs 18.7 crore through Vistra ITCL India in this seed funding round.

The platform’s valuation was estimated to be around $15 million following its first funding round. Following the round Surge Ventures now holds a 20.34% stake and Pravega Ventures owns 15.26% with the co-founders, Mohit Gorisariya, Saumeet Nanda, and Piyush Bagaria, collectively holding 54%.

“As the wealthtech and financial services industry adopts more technologies based in data and AI and is dealing with an increase in recent data-related enforcement actions from regulators, we identified a serious product innovation gap in the market and a lack of new technologies coming from established tech providers to proactively address data compliance risks unique to this industry,” Yenamandra, CEO of Surge Ventures said in the press release.

Yenamandra notes in Surge Ventures’ press release, “Whether it’s helping to design a high-quality product for the wealth management space on an accelerated ‘go-to-market’ timeframe, or recruiting the co-founders and executive team, or making first client introductions, we believe Surge Ventures is filling a major void in the venture investment and wealth landscape today.”

Apart from securing external funds, the board passed a separate resolution for the establishment of an employee stock option pool (ESOP). The start-up reserved 1875 equity shares with a value of $1.5 million, to further incentivise and empower the workforce through ESOP options.

About SalarySe

Founded by Saumeet Nanda, Mohit Gorisariya and Piyush Bagaria, SalarySe is a fintech platform which aims to address the financial landscape for over 10 crore salaried individuals in India, with a collective earning of more than $300 billion annually.

“Our mission is to empower salaried employees and help them achieve financial freedom. We partner with employers to make this mission successful. Join us officially and become 1 in 100 million”- the mission statement from SalarySe’s website.

The start-up has a dedicated focus on lower to middle-class salaried employees which constitute 60% of the salaried income pool in India. The Gurugram-based company aims to enable seamless integration of UPI, credit and rewards while offering a best-on-street price and convenience.

The start-up actively collaborates with employers to provide its financial products to their employees while using a lien on salary for repayments.

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