EarlySalary acquires CashCare and launches ‘Checkout Finance’ feature for its customers
– With this acquisition, EarlySalary will offer its customers the convenience to shop now & pay later
– CashCare CEO, Vikas Sekhri & CTO, Suraj Mundada join EarlySalary as Head of Strategy & Chief Architect, respectively
Mumbai/Pune, May, 22nd, 2018: EarlySalary, India’s largest tech enabled digital lender & FinTech start-up announced its acquisition of CashCare, India’s first ever lending platform for online purchases. With this acquisition, EarlySalary has introduced a new feature of ‘Checkout Finance’ with the intent of allowing its users to shop now and pay later. As part of the acquisition, Vikas Sekhri, the CEO of CashCare will be the Head of Strategy at EarlySalary, and Suraj Mundada, the CTO of CashCare will be the Chief Architect.
Elaborating on the announcement Akshay Mehrotra, Co-Founder & CEO at EarlySalary commented, “We are happy to have CashCare join our EarlySalary team and welcome them onboard. We see synergies being driven by technology, addressing the financial needs of the millennial audience, and our products complementing each other. With the launch of this new feature ‘Checkout Finance’, we are aiming to offer our customers the convenience to shop now and pay later. This acquisition marks a great opportunity for us to further our commitment to financially support our customers by deploying our combined offerings for the best possible customer advantage. “
Vikas Sekhri, Founder, CashCare Technology commented, “We are delighted to join EarlySalary, whose aim is to disrupt the credit market by minimizing human involvement, which perfectly fits in with our mission. With this synergy, we will be able to further develop our services for the young, working population in our country. Together, we can build a wide-ranging credit solution for online platforms, while making the consumer’s experience as easy as swiping a card.”
Speaking on this occasion, Ashish Goyal, Co-Founder and CFO said, “Together, EarlySalary and CashCare will deliver a robust set of collaboration capabilities across the credit lending space. We believe that our combined efforts will give customers more choice and flexibility. Together, we will inspire our teams to collaborate and work towards achieving success like never imagined before.”
EarlySalary also launched their ‘Digital School Fee’ feature recently, in partnership with Avanse Financial Services. EarlySalary aspires to join the unicorn club this year, following a Rs100 crore funding round in January 2018 from Eight Roads Ventures & existing investors IDG Ventures India & DHFL. Currently EarlySalary has a presence in 15 cities in India and is disbursing 30,000 loans per month.
EarlySalary Key Features:
- Instant Cash Loans transferred in Minutes
- Instant Salary Advance for working professionals
- Instant credit line to shop online or off-line
- FeES: pay school fee in easy EMIs
About EarlySalary.com
Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app which allows salaried individuals to avail instant loans for a few days or till the next salary cycle. These loans are similar to salary advances or credit card cash withdrawals, empowering consumers with ready cash when it is most needed. The company conducts prudent risk assessment by leveraging machine learning to go beyond financial underwriting. With over 3 Million app downloads & nearly Rs.275Cr of disbursals across the country, EarlySalary is fast becoming the 1st line of credit for young working professionals in India. The company has been working on introducing multiple products, line of credit functionality, EMIs and other products focused towards helping young working professions with credit needs.
Key Features
- Instant Salary Advance up to 50% of monthly Salary in less than 10 minutes
- Instant Cash: Salary advance/cash loans transferred to bank anytime instantly
- Short duration: Cash loans from 7 days up to 30 days for the first loans and repeat customers can get longer tenure loans also.
- Instant Transactions: From Rs. 8,000 to Rs. 1 Lac cash transferred to the customer’s bank account
- Shop now and pay later – ability to use the loan limit to shop online on credit.
- FeES: pay school fees in easy EMIs
About the Senior Management:
Akshay Mehrotra, CEO: Previously served as the Chief Marketing Officer at Big Bazaar, Future Retail Limited. Also worked as CMO at PolicyBazaar.com and Marketing Head at Bajaj Allianz Life Insurance.
Ashish Goyal, CFO: A chartered accountant by education and previously served as the Chief Investment Officer at Bajaj Allianz General Insurance.
Vimal Saboo, CBO: Previously served as the Business Head of Edelweiss Capital and also served in senior roles at Axis Bank.
Vivek Jain, CTO: Previously served as the Principal Technology Architect at Infosys.
Vikas Sekhri, Head of Strategy: Previously served as the CEO of CashCare, a Wharton Alumnus previously worked with ZipDial, HarbourVest Partners & Bank of America.
