Pune-based EarlySalary on Tuesday said it has acquired lending platform CashCare. With this acquisition, EarlySalary has introduced a new feature of ‘Checkout Finance’ with the intent of allowing its users to shop now and pay later. As part of the acquisition, Vikas Sekhri, the CEO of CashCare, will be the Head of Strategy at EarlySalary, and Suraj Mundada, the CTO of CashCare will be the Chief Architect.
Speaking on the announcement, Akshay Mehrotra, Co-Founder & CEO, EarlySalary commented,
“We are happy to have CashCare join our EarlySalary team and see synergies being driven by technology, and our products complementing each other. With the launch of this new feature ‘Checkout Finance’, we are aiming to offer our customers the convenience to shop now and pay later. This acquisition marks a great opportunity for us to deploy our combined offerings for the best possible customer advantage."
Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app which allows salaried individuals to avail instant loans for a few days or till the next salary cycle. These loans are similar to salary advances or credit card cash withdrawals, empowering consumers with ready cash when it is most needed.
Deploying instant credit, these cash loans are of a ticket size ranging from Rs 8,000 to Rs 1 lakh cash transferred to the customer’s bank account. The tenure of these loans range anywhere between 7 days to 30 days for the first-time loans, and repeat customers can get longer tenure loans also.
Vikas Sekhri, Founder, CashCare Technology commented,
"We are delighted to join EarlySalary, whose aim is to disrupt the credit market by minimising human involvement, which perfectly fits in with our mission. With this synergy, we will be able to further develop our services for the young, working population in our country. Together, we can build a wide-ranging credit solution for online platforms, while making the consumer’s experience as easy as swiping a card.”
Last month, EarlySalary also launched their ‘Digital School Fee’ feature in partnership with Avanse Financial Services.
EarlySalary raised Rs 100 crore funding in January 2018 from Eight Roads Ventures and existing investors IDG Ventures India and DHFL. Currently, EarlySalary has its presence in 15 cities in India and is disbursing 30,000 loans per month.
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