Digital lending start-up EarlySalary is set to raise $100 million in a new financing round, led by TPG Growth and other investors. It includes American venture and growth equity investment firm Norwest Venture Partners.

After reporting this development, Reuters stated that TPG and EarlySalary declined to comment, while Norwest did not respond to its request for comment. The Pune-based start-up last raised investment in October 2020. Back then, Eight Road Ventures and Chiratae Ventures were part of the Series C financing round where the company raised $10 million. 

In January, the company claimed to have disbursed 2.5 million loans worth Rs 5,000 crore since its inception in 2015. Seven years ago, Akshay Mehrotra and Ashish Goyal co-founded the company after they found that the country’s young professionals lacked easily accessible financial assistance. 

It collaborates with over 280 corporates to offer short-term loans up to Rs 5 lakh to their 50,000 employees with a product portfolio that includes instant loans, personal loans, and Buy Now Pay Now Later products like SalaryCard. It has disbursed over 1,200 crores worth of salary advances through its own NBFC platform, EarlySalary Services. Moreover, its lending partners include Northern Arc Capital, Incred, Vivriti and Aditya Birla Finance.