The early-stage venture capital arm of Peak XV Partners, Surge Ventures, led the Rs 43.71 crore (or $5.2 million) seed funding round for SalarySe, an app that provides financial services to salaried employees. This marks the first fundraise for the Gurgaon-based company.
According to SalarySe’s regulatory filings obtained from the Registrar of Companies (RoC), the board has approved a special resolution to issue 6,563 Seed compulsory convertible preference shares at an issue price of Rs 66,608 per share for a consideration of Rs 43.71 crore ($5.2 million).
With almost Rs 25 crore invested, Peak XV Partners’ Surge led the round, followed by Rs 18.7 crore from Pravega Ventures (through Vistra ITCL India).
A different resolution to establish an employee stock option pool (ESOP) and reserve 1,875 equity shares valued at Rs 12.5 crore, or $1.5 million, was also approved by the company.
SalarySe, a company that was co-founded by Saumeet Nanda, Mohit Gorisariya, and Piyush Bagaria, is focused on creating buy now pay later (BNPL) products for the salaried population. SalarySe, which is positioned at the intersection of rewards, credit cards, and UPI, might face competition from websites like Postpe, Simpl, and Slice.
The company has a banking partnership with Yes Bank and a lending partnership with Sugamya Finance.
Following the round’s allocation, Pravega Ventures now owns 15.26% of the company, while Surge Ventures acquired 20.34%. Co-founders of SalareSe Mohit Gorisariya, Saumeet Nanda, and Piyush Bagaria reduced their ownership to a combined 54%.
