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SalarySe specializing in Credit-on-UPI raises $5.25M led by Surge, Pravega Ventures

Vivek Vishwakarma
New Update
SalarySe founders

SalarySe founders - Piyush Bagaria, Saumeet Nanda, and Mohit Gorisariya

Fintech startup specializing in Credit-on-UPI SalarySe has raised $5.25 million in seed funding led by Surge, a rapid scale-up program by Peak XV, and Pravega Ventures. 

The development comes as the startup, which is set to revolutionize the credit system in India, is gearing up to launch its innovative Credit-on-UPI service for salaried employees in the upcoming months.

Enhancing technology stack

According to the startup, the raised capital would be used to develop and enhance the technology stack for its Credit-on-UPI product. The development aims to drive widespread adoption across India. 


The Gurugram-based fintech firm is not only focusing on technological advancements but also on responsible lending practices. It is integrating with banks and partnering with HR-SaaS platforms and employers to ensure a responsible rollout of their services.

What is an employer-linked credit model?

What sets SalarySe apart is its unique employer-linked credit model. The startup said that this model is designed to reduce fraud and collection risks associated with revolving credit products. Piyush Bagaria, co-founder of SalarySe, emphasizes the importance of this model in reducing risks and making credit accessible to a broader segment of the Indian population. 

Saumeet Nanda, another co-founder, highlights the responsible nature of reaching customers through employer integration, especially in light of the Reserve Bank of India's concerns about the growth of unsecured credit.

“The National Payments Corporation of India’s (NPCI’s) state of the art technology coupled with SalarySe’s unique employer-linked credit model helps reduce fraud and collections risk on the revolving credit products. This allows us to bring access to the next 100 million Indians who desire the product but do not have access today,” said Piyush Bagaria, co-founder, SalarySe.

The market potential

“With one of the world’s largest economies, and the third-largest middle-class in the world, the lack of credit penetration presents great potential. SalarySe’s commitment to tapping into it while providing the most seamless digital journey possible to the customer and relying on the UPI-friendly market will set up its success,” Pravega Ventures’ spokesperson said.

Who are the founders?

SalarySe, founded in 2023 by Piyush Bagaria, Saumeet Nanda, and Mohit Gorisariya, is poised to cater to over 100 million salaried individuals in India. The startup's entry into the credit-on-UPI space comes at a time when the National Payments Corporation of India has been pushing for such innovations. 

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