SalarySe, a credit-on-UPI app for salaried personnel, has raised Rs 43.71 crore ($5.2 million) in venture capital backed by Surge Ventures, an early stage focused VC arm of Peak XV Partners. This is the company’s first financing, and it is based in Gurgaon.
According to regulatory records obtained from the Registrar of Companies (RoC), SalarySe’s board of directors approved the issuance of 6,563 Seed compulsory convertible preference shares at an issue price of Rs 66,608 per share for a total consideration of Rs 43.71 crore ($5.2 million).
Surge from Peak XV Partners led the financing with almost Rs 25 crore, followed by Pravega Ventures (via Vistra ITCL India) with Rs 18.7 crore.
In addition, the business passed a separate resolution to establish an employee stock option pool (ESOP) and set aside 1,875 equity shares worth Rs 12.5 crore ($1.5 million).
SalarySe, co-founded by Saumeet Nanda, Mohit Gorisariya, and Piyush Bagaria, focuses on building goods for the salaried class. SalarySe, which is positioned at the intersection of UPI, credit cards, and incentives, may compete with systems such as Slice, OneCard, and Uni.
Yes Bank serves as the firm’s banking partner, and Sugamya Finance serves as its lending partner.
SalarySe was valued at roughly Rs 123 crore or $15 million in its first fundraising round, according to startup intelligence portal TheKredible.
Surge Ventures now owns 20.34% of the firm, while Pravega Ventures owns 15.26%. SalareSe co-founders Mohit Gorisariya, Saumeet Nanda, and Piyush Bagaria reduced their shareholding to 54% (collectively). More information can be found at TheKredible.