SalarySe raises $5.25M in seed funding led by Peak XV's Surge, Pravega Ventures
The funds from this round will be used to build out the finance management firm's tech stack for credit-on-UPI, SalarySe said in a statement.
Finance management firm SalarySe has raised $5.25 million in seed funding. The round was led by Peak XV's Surge and Pravega Ventures.
The capital raised will be used to build out the finance management firm's tech stack for credit-on-UPI, the company said in a statement.
SalarySe, founded by Piyush Bagaria, Saumeet Nanda, and Mohit Gorisariya in 2023, is looking to cater to the segment of more than 100 million salaried individuals in India. It plans to launch its credit-on-UPI feature for these individuals in the next few months and has partnered with HR SaaS partners, banks, and employers for the same.
"UPI has seen unprecedented acceptance amongst both merchants and retail consumers across India, which makes it the right technology platform to deepen credit penetration for the middle class. This forms the basis for SalarySe’s success as one of the early entrants in the credit-on-UPI space," said Bagaria, Co-founder of SalarySe, in a statement.
"There has been increased scrutiny from the regulators on the expansion of unsecured credit. The model of reaching the consumer base through employer integration is the most responsible method of expanding revolving credit as it solves for risk first," adds Co-founder Nanda.
(The copy was updated to add the name of a co-founder.)
Edited by Kanishk Singh