SalarySe Raises $11.3 Million in Series A Funding

Fintech startup SalarySe has successfully secured $11.3 million in its Series A funding round, which was spearheaded by Flourish Ventures and SIG Venture Capital. Existing investors, including Surge Ventures and Pravega Ventures, also participated in this funding initiative. While the company based in Gurugram did not reveal its valuation, round breakdown, or shareholding structure in its announcement, Startup Superb investigated regulatory documents to reveal these specifics.

The board of SalarySe has approved the issuance of 6,617 Series A compulsory convertible cumulative preferred shares at a price of Rs 1,46,424.19 each, raising Rs 97 crore or approximately $11 million, as per their filing with the Registrar of Companies (RoC). Flourish Ventures led this funding round, investing Rs 42.9 crore, followed by SIG Venture Capital, which invested Rs 25.7 crore via its SAI Global India Fund. Existing investors Surge Ventures and Pravega Ventures contributed Rs 13.7 crore and Rs 14.6 crore, respectively.

Estimates from Startup Superb suggest that SalarySe’s valuation has increased to Rs 372 crore (about $42 million, post-money), up from Rs 123 crore during its seed round in January 2024, when it obtained Rs 43.7 crore ($5.2 million) from Surge Ventures and Pravega Ventures. The newly acquired funds will be used to strengthen its technology infrastructure, accelerate product innovation, promote user acquisition, and expand the workforce.

Insights from various sources on startup data intelligence indicate that Peak XV-backed Surge Ventures holds the largest share in SalarySe, with an 18.47% stake, followed by Pravega Ventures with 15.02%. New entrants Flourish Ventures and SIG Venture Capital hold stakes of 11.55% and 6.92% respectively. The co-founders of the company, Mohit Gorisariya, Piyush Bagaria, and Saumeet Nanda, collectively control a 39.42% stake in the business.

Established in 2023, SalarySe provides a platform that connects directly with employer payroll systems. This allows salaried employees to efficiently manage credit cards, monitor expenses, obtain salary advances and credit-on-UPI, and optimise loyalty rewards. The company has also formed a partnership with RBL Bank to roll out a UPI Credit Card.

Although SalarySe was in the pre-revenue phase during FY24, it registered a revenue of Rs 95.5 lakh, of which Rs 93 lakh originated from non-operating activities. In the same period, it recorded a loss of Rs 4.25 crore. The company has yet to publish its FY25 financial results.

SalarySe faces competition from various platforms that offer salary advances, rewards tracking, and credit access, including Fibe, Refyne, Zolve, Navi, KreditBee, Fi, and OneCard, among others.