Gurugram-based fintech platform SalarySe has raised $11.3 million (round Rs 94 crore) in a Collection A funding spherical led by Flourish Ventures, with participation from Susquehanna Asia VC (SIG Enterprise Capital) and present traders Peak XV Companions’ Surge and Pravega Ventures.

The startup will use the raised capital to scale its salary-powered monetary companies and strengthen its know-how infrastructure. With the newest funding, its complete capital raised now stands at $16.6 million.

Based in 2023 by Piyush Bagaria, Saumeet Nanda, and Mohit Gorisariya, SalarySe companions with prime Indian banks similar to HDFC Financial institution and RBL Financial institution to supply Credit score-on-UPI merchandise for salaried customers. Its platform integrates with HR SaaS suppliers and enormous enterprises to supply embedded monetary merchandise similar to wage advances, funds, and credit score administration instruments.

Bagaria mentioned the startup plans to broaden its shopper base from 100 enterprises to greater than 1,000 over the subsequent two years, protecting a projected 20 million staff, up from 1.5 million as we speak.

“Salaried staff are the spine of India’s financial system, but they typically face restricted entry to clear and curated monetary options. With this spherical, we’re doubling down on our imaginative and prescient to reimagine salary-linked merchandise that put staff answerable for their funds and their future,” he mentioned.

SalarySe claims that its merchandise have gained traction amongst over 100 multinational firms and international functionality facilities throughout IT, healthcare, BFSI, and manufacturing sectors. The startup is at the moment working at an annualised gross merchandise worth of Rs 600-700 crore.

“SalarySe is addressing a crucial hole by linking monetary merchandise similar to Credit score on UPI on to earnings, guaranteeing that salaried staff have entry to well timed, honest, and accountable credit score,” mentioned Ravi Kaushik, Govt Director and Head of Asia Investments, Flourish Ventures.

“We consider that the platform’s method addresses instant money stream wants whereas laying the inspiration for long-term monetary well-being. This alignment makes SalarySe a novel participant in India’s monetary ecosystem.”

Piyush Bagaria, Co-Founder, SalarySe, mentioned, “Salaried staff are the spine of India’s financial system, but they typically face restricted entry to clear and curated monetary options. With this spherical, we’re doubling down on our imaginative and prescient to reimagine salary-linked monetary merchandise that put staff answerable for their funds and their future. This funding will additional propel SalarySe in its endeavour to evolve because the go-to monetary associate for each salaried particular person in India.”