Pune based online lender
EarlySalary has acquired Mumbai headquartered startup CashCare, which gives
consumer loans through non-banking financial companies, for an undisclosed
amount.
CashCare analyses a user’s shopping
and wallet data to instantly convert online purchases into EMI-based loans
without credit card. This is known as checkout finance. The company has
partnered 30 companies whose products the user can purchase, such as MakeMyTrip,
ShopClues, Byju’s and HP. For financing the loans, it has partnered non-banking
financial companies.
Owned and operated by Social Worth
Technologies Pvt. Ltd, EarlySalary was founded in 2015. The three-year-old
startup offers a mobile app that allows salaried individuals to avail instant
loans for an average tenure of 30 days or till the next salary cycle. Users can
avail these loans in the form of salary advances or credit card cash
withdrawals. The mobile app is available on both Google Play Store and Apple
App Store.
The
company claims to be doing about 25,000 loans a month, disbursing about Rs 60
crore monthly. In its most recent fundraising, the Pune-based company raised Rs
100 crore ($15.7 million) in a Series B round led by Eight Roads Ventures India
in January. Existing investors IDG Ventures India, Dewan Housing Finance Corp.
Ltd. (DHFL) and Ashok Agarwal, director of forex and money transfer services
firm Transcorp International Limited, also participated in the round.
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