Gurugram-based SalarySe raises $11.3 million in funding led by Flourish Ventures, others

Gurugram-based fintech platform SalarySe has raised $11.3 million (around Rs 94 crore) in a Series A funding round led by Flourish Ventures, with participation from Susquehanna Asia VC (SIG Venture Capital) and existing investors Peak XV Partners’ Surge and Pravega Ventures.

The startup will use the raised capital to scale its salary-powered financial services and strengthen its technology infrastructure. With the latest funding, its total capital raised now stands at $16.6 million.

Founded in 2023 by Piyush Bagaria, Saumeet Nanda, and Mohit Gorisariya, SalarySe partners with top Indian banks such as HDFC Bank and RBL Bank to offer Credit-on-UPI products for salaried users. Its platform integrates with HR SaaS providers and large enterprises to offer embedded financial products such as salary advances, payments, and credit management tools.

Bagaria said the startup plans to expand its client base from 100 enterprises to more than 1,000 over the next two years, covering a projected 20 million employees, up from 1.5 million today.

“Salaried employees are the backbone of India’s economy, yet they often face limited access to transparent and curated financial solutions. With this round, we are doubling down on our vision to reimagine salary-linked products that put employees in control of their finances and their future,” he said.

SalarySe claims that its products have gained traction among over 100 multinational corporations and global capability centers across IT, healthcare, BFSI, and manufacturing sectors. The startup is currently operating at an annualised gross merchandise value of Rs 600-700 crore.

"SalarySe is addressing a critical gap by linking financial products such as Credit on UPI directly to income, ensuring that salaried employees have access to timely, fair, and responsible credit," said Ravi Kaushik, Executive Director and Head of Asia Investments, Flourish Ventures.

"We believe that the platform's approach addresses immediate cash flow needs while laying the foundation for long-term financial well-being. This alignment makes SalarySe a unique player in India's financial ecosystem."

Piyush Bagaria, Co-Founder, SalarySe, said, "Salaried employees are the backbone of India's economy, yet they often face limited access to transparent and curated financial solutions. With this round, we are doubling down on our vision to reimagine salary-linked financial products that put employees in control of their finances and their future. This funding will further propel SalarySe in its endeavour to evolve as the go-to financial partner for every salaried individual in India."