With participation from Surge Ventures and Pravega Ventures, fintech firm SalarySe just secured $11.3 million in its Series A round, which was headed by Flourish Ventures and SIG Venture Capital.
Key Highlights
- SalarySe raised US $11.3 million (~₹94 crore) in Series A funding led by Flourish Ventures and SIG Venture Capital.
- The company’s post-money valuation approximately tripled to ₹372 crore (~US $42 million) from ₹123 crore at seed stage.
According to its registration with the Registrar of Companies (RoC), the board of SalarySe has allocated 6,617 Series A obligatory convertible cumulative preferred shares at an issue price of Rs 1,46,424.19 apiece in order to raise Rs 97 crore, or almost $11 million.
SIG Venture Capital invested Rs 25.7 crore through its SAI Global India Fund, while Flourish Ventures led the round with an investment of Rs 42.9 crore. With contributions of Rs 13.7 crore and Rs 14.6 crore, respectively, current supporters Surge Ventures and Pravega Ventures also took part.
SalarySe's valuation has tripled 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, to Rs 372 crore (about $42 million, post-money).
The additional funds will be used to expand the team, improve technical infrastructure, speed up product creation, and increase user acquisition.
With an 18.47% investment, Peak XV-backed Surge Ventures is the company's top shareholder, followed by Pravega Ventures with 15.02%, according to startup data intelligence platform TheKredible. SIG Venture Capital and Flourish Ventures, two recent investors, own 6.92% and 11.55% of the company, respectively. Together, Mohit Gorisariya, Piyush Bagaria, and Saumeet Nanda, the company's co-founders, own 39.42% of the business.
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SalarySe was established in 2023 and provides a platform that allows salaried workers to track spending, manage credit cards, obtain salary advances and credit-on-UPI, and maximize loyalty benefits by integrating directly with company payroll systems. The business is launching a UPI credit card in collaboration with RBL Bank.
In FY24, the company recorded income of Rs 95.5 lakh, of which Rs 93 lakh came from non-operating operations, even though it was still in the pre-revenue stage. It recorded a loss of Rs 4.25 crore within the same time frame. The company has not yet released its financial statements for FY25.
SalarySe has competition from a number of systems that offer credit access, rewards monitoring, and salary advances, including Fibe, Refyne, Zolve, Navi, KreditBee, Fi, and OneCard.
