SalarySe secures $5 million in seed funding from Peak XV Surge, Pravega
fintech startup SalarySe has raised $5 million in its first institutional funding round from Peak XV’s seed fund Surge and Pravega Ventures.
The startup was founded in the middle of 2023 by IIT graduates Piyush Bagaria and Saumeet Nanda along with Mohit Gorisariya, a chartered accountant. It is building a technology platform to offer credit on digital payment railroad Unified Payments Interface (UPI).
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitSalarySe wants to offer credit to employees of mid-tier companies who are otherwise not served by traditional banks. They are looking to integrate with the human resource management software used by these companies to tap into salary data and offer credit through their app to these consumers. The credit line can be consumed through UPI payments. Eventually, the company will build a virtual co-branded credit card on the app as well.
“The idea is to create a financial wellness platform for employees through which they can access credit, invest and manage their wealth,” said Piyush Bagaria, cofounder, SalarySe.
The startup is working with one public sector and one private sector lender to take this product live in the next few months. It is currently under beta testing.
“There are 20 to 25 companies who we will go live with in the first batch and eventually scale it up from there,” Bagaria said.
The startup is targeting three types of companies: tech services across IT firms, BPO firms and others, manufacturing entities in small towns, industrial townships
