Argus Partners, AZB & Partners, Cyril Amarchand Mangaldas (CAM) and Shardul Amarchand Mangaldas (SAM) advised parties in the INR7.75 billion (USD79 million) raised in fresh funding for fintech firm EarlySalary.
Argus Partners assisted the existing investor, Piramal Capital and Housing Finance, in the Pune-based digital lending platform EarlySalary.
Argus partner Vinod Joseph and associate Aryan Mohindroo advised Piramal Capital, also known as Dewan Housing Finance, to stump up INR509 million in EarlySalary in a series D round of funding.
Other investors included Texas-based private equity company TPG Growth investing INR4.48 billion through its Rise Fund and Norwest Venture Partners deploying INR2.76 billion as well as Chiratae Ventures and IDG Ventures India Fund III.
SAM acted as counsel for Norwest on investments worth around USD112 million in Social Worth Technologies, the operator of EarlySalary.
The SAM transaction team comprised partners Puja Sondhi, Manita Doshi and Zubin Mehta, senior associates Sakshi Sejwal and Jasraj Narula, and associates Prerna Saroha, Kanika Mittal, Chirag Mangal and Prarthna Nanda
AZB advised Rise Fund, while CAM advised Social Worth Technologies, Chiratae Ventures and IDG Ventures India Fund III.
Ashish Goyal and Akshay Mehrotra launched startup EarlySalary in 2015. It provides instant cash and loans to salaried people, which are directly transferred into the borrower’s bank account. The loan tenure is between three months to two years and up to INR500,000.
The startup has also collaborated with companies to help pay employees their salary in advance directly in their accounts in case they require funds for any emergencies.