EarlySalary today announced the launch of its operations in Visakhapatnam, Mysore and Vijaywada after a successful series of launches in Pune, Bangalore, Chennai, Mumbai, Hyderabad, Delhi NCR, Jaipur & Ahmedabad. With the multi-city launch, now EarlySalary operates in 11 major cities in India.
Visakhapatnam, Mysore & Vijaywada have witnessed an increase in the number of internet and smartphone users over the past few years. The company saw a huge opportunity and decided to launch its services here when it received an overwhelming response of 8000 loan requests in the last quarter.
Commenting on the launch, Akshay Mehrotra, Co-founder & CEO of EarlySalary, said, “We have seen a surge in demand from new employment hubs and IT cities across the country and hence, we are working towards providing a 10-minute loan service across these markets. Our current round of funding has improved our ability to help many more customers get access to instant loans and salary advances. We are working towards building a customer base of nearly 100,000 customers over the next year.”
Founded in 2015, EarlySalary focuses on providing instant cash and short-term loans to young working professionals in the country. The company provides instant loans from as low as Rs. 8,000 up to Rs.1,00,000/- for up to 30 days and charges an average of 2.7 percent on a monthly basis. The company has disbursed 42,000 loans to customers till date worth Rs. 60 Cr.
In May 2017, EarlySalary had announced its Series – A funding of $4 million from IDG Ventures and DHFL and this has been enabling us to grow in a fast and dynamic way. Currently, the company’s growth is fueled by improved processing capabilities resulting in the ability to disburse quick loans to young working professionals within 10 minutes.