SalarySe’s valuation jumps 3X in Series A round

Fintech startup SalarySe has recently raised $11.3 million in its Series A round led by Flourish Ventures and SIG Venture Capital with participation from existing investors Surge Ventures and Pravega Ventures.

While the Gurugram-based company didn’t disclose its valuation, round breakup, or shareholding structure in the announcement, Entrackr examined regulatory filings to uncover these details.

The SalarySe’s board has allotted 6,617 Series A compulsory convertible cumulative preferred shares at an issue price of Rs 1,46,424.19 each to raise Rs 97 crore or around $11 million, according to its filing with the Registrar of Companies (RoC).

Flourish Ventures led the round with an investment of Rs 42.9 crore, followed by SIG Venture Capital, which invested Rs 25.7 crore through its SAI Global India Fund. Existing backers Surge Ventures and Pravega Ventures also participated, contributing Rs 13.7 crore and Rs 14.6 crore, respectively.

According to Entrackr’s estimates, SalarySe’s valuation has tripled to Rs 372 crore (around $42 million, post-money) from Rs 123 crore during its seed round in January 2024, when it raised Rs 43.7 crore ($5.2 million) from Surge Ventures and Pravega Ventures.

The fresh capital will be deployed to enhance technology infrastructure, accelerate product innovation, drive user acquisition, and expand the team.

According to startup data intelligence platform TheKredible, Peak XV-backed Surge Ventures is the largest shareholder in the company with an 18.47% stake, followed by Pravega Ventures with 15.02%. New investors Flourish Ventures and SIG Venture Capital hold 11.55% and 6.92% stakes, respectively. The company’s co-founders Mohit Gorisariya, Piyush Bagaria and Saumeet Nanda collectively retain a 39.42% stake in the firm.

Founded in 2023, SalarySe offers a platform that integrates directly with employer payroll systems, enabling salaried employees to manage credit cards, track expenses, access salary advances and credit-on-UPI, and optimize loyalty rewards. The company has partnered with RBL Bank to launch a UPI Credit Card.

While the company was in the pre-revenue stage in FY24, it reported revenue of Rs 95.5 lakh, of which Rs 93 lakh came from non-operating activities. During the same period, it recorded a loss of Rs 4.25 crore. The company is yet to disclose its FY25 financials.

SalarySe competes with platforms that provide salary advances, rewards tracking, and credit access, including Fibe, Refyne, Zolve, Navi, KreditBee, Fi, and OneCard among several others.