SalarySe, a credit-on-UPI app for salaried employees, has raised its seed funding round of Rs 43.71 crore or $5.2 million led by Surge Ventures, an early stage focused VC arm of Peak XV Partners. With this, the Gurgaon-based company has marked its maiden fundraise.
The board at SalarySe has passed a special resolution to issue 6,563 Seed compulsory convertible preference shares at an issue price of Rs 66,608 per share for a consideration of Rs 43.71 crore ($5.2 million), its regulatory filings sourced from the Registrar of Companies (RoC) show.
Peak XV Partners’ Surge led the round with nearly Rs 25 crore while Pravega Ventures (via Vistra ITCL India) invested Rs 18.7 crore.
Additionally, the company also passed a separate resolution to create an employee stock option pool (ESOP) and reserved 1,875 equity shares worth Rs 12.5 crore or $1.5 million.
The funding will help SalarySe in developing its technology stack for credit-on-UPI and drive adoption of the product in India, the company said in a press release.
Co-founded by Saumeet Nanda, Mohit Gorisariya, and Piyush Bagaria, SalarySe specializes in developing products for the salaried class. The company ensures that issuing banks are lending responsibly by integrating with SalarySe’s unique collection and risk underwriting technology, effectively reducing the risk and pricing for unsecured and revolving credit products.
The firm has tied up with Yes Bank as its banking partner, and Sugamya Finance serves as its lending partner.
Positioned at the convergence of UPI, credit cards, and rewards, SalarySe may compete with platforms like Slice, OneCard and Uni.
As per the startup intelligence platform TheKredible, SalarySe has been valued at around Rs 123 crore or $15 million in its maiden funding round.
Post-allotment of the round, Surge Ventures acquired 20.34% stakes in the company whereas Pravega Ventures owns 15.26% of the company. SalareSe’s co-founders Mohit Gorisariya, Saumeet Nanda and Piyush Bagaria diluted their stakes to 54% (collectively). Visit TheKredible for more details.
Update: The headline and story have been updated to include additional information from the company’s press release.