SalarySe, a fintech startup, has raised $11.3 million (about INR 94 crore) in a Series A funding round led by Flourish Ventures and SIG Venture Capital.
Existing investors Peak XV Partners and Pravega Ventures also took part in the round.
According to cofounder Piyush Bagaria, Flourish Ventures invested around $5 million, SIG added $3 million, and the remaining $3.3 million came from Peak XV and Pravega.
The funding round resulted in about a 25% equity dilution, giving SalarySe a post-money valuation of around $44 million. After the round, the cofounders together retain roughly 40% ownership of the company.
The new funds will be used to strengthen the company’s technology systems, grow its enterprise customer base, and develop AI tools to enhance customer experience.
Earlier, in January last year, the Gurugram-based startup had raised INR 43.71 crore ($5.2 million) in a seed round led by Surge Ventures and other investors.
“We are currently working with 100 clients. Our target is to take this number to 1,000 in the next two years. This will push up our target employee base to 20 million compared to 1.5 million currently,” Bagaria said.
“SalarySe is addressing a critical gap by linking financial products such as Credit on UPI directly to income, ensuring that salaried employees have access to timely, fair, and responsible credit,” said Ravi Kaushik, Executive Director and Head of Asia Investments, Flourish Ventures.
SalarySe was founded in 2023 by Piyush Bagaria, Mohit Gorisariya, and Saumeet Nanda. The Gurugram-based startup offers salary-linked loans and financial wellness products by working directly with employers.
The company serves employees from over 100 large organizations across sectors such as IT, healthcare, banking, finance, and manufacturing.
In addition to its main credit-on-UPI service, SalarySe also offers tools for saving money, managing personal finances, and improving financial knowledge.
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