SalarySe, a Gurgaon-based financial services app catering to salaried employees, has successfully raised Rs 43.71 crore, which translates to approximately $5.2 million, in its maiden seed funding round. This funding round was led by Surge Ventures, the early-stage venture capital arm of Peak XV Partners.
According to regulatory filings obtained from the Registrar of Companies (RoC), SalarySe’s board approved a special resolution to issue 6,563 Seed compulsory convertible preference shares at an issue price of Rs 66,608 per share, resulting in the total funding amount. Surge Ventures contributed nearly Rs 25 crore to the round, while Pravega Ventures, through Vistra ITCL India, invested Rs 18.7 crore.
In addition to the funding, SalarySe also passed a separate resolution to establish an employee stock option pool (ESOP), setting aside 1,875 equity shares valued at Rs 12.5 crore or $1.5 million.
Founded by Saumeet Nanda, Mohit Gorisariya, and Piyush Bagaria, SalarySe specializes in developing buy now, pay later (BNPL) products tailored for the salaried class. Positioned at the intersection of UPI, credit cards, and rewards, SalarySe is expected to compete with platforms like Postpe, Simpl, and Slice.
The company has forged strategic partnerships with Yes Bank as its banking partner and Sugamya Finance as its lending partner.
According to TheKredible, a startup intelligence platform, SalarySe has been valued at approximately Rs 123 crore or $15 million in its first funding round.
Following the completion of the funding round, Surge Ventures now holds a 20.34% stake in SalarySe, while Pravega Ventures owns 15.26%. The co-founders, Mohit Gorisariya, Saumeet Nanda, and Piyush Bagaria, collectively diluted their stakes to 54%.
