Gurugram-based fintech startup SalarySe has raised USD 11.3 million in its first institutional funding round from Peak XV’s seed fund Surge and Pravega Ventures. The startup, founded in mid-2023 by IIT graduates Piyush Bagaria and Saumeet Nanda, along with chartered accountant Mohit Gorisariya, is developing a platform to provide credit through the Unified Payments Interface (UPI), as per media reports.
SalarySe aims to extconclude credit access to employees of mid-tier companies who are typically underserved by traditional banks. The company plans to integrate with HR management software applyd by these firms to access salary data and extconclude credit through its app, allowing applyrs to create UPI-based payments. In the future, the platform will also offer a virtual co-branded credit card.
The startup’s broader goal is to create a comprehensive financial wellness platform that enables employees to access credit, create investments, and manage their finances in one place. SalarySe is currently conducting beta testing and plans to launch its product soon in collaboration with one public sector and one private sector bank.
In its initial phase, the company will onboard around 20–25 partner firms, with plans to scale further. The tarreceive market includes tech service providers, manufacturing companies in compacter towns, and businesses with large field workforces such as FMCG firms.
The startup is focapplying on nearly 50 million salaried Indians earning less than Rs 1 lakh per month, offering them simplified access to credit.
As the Reserve Bank of India (RBI) currently limits UPI credit issuance to banks, SalarySe will operate through partnerships with regulated lconcludeers. The founders expect that once the company demonstrates robust data modeling, underwriting, and collection systems at scale, it will be able to broaden its reach and product offerings across India.
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