your password has been reset successfully, Please login again.

EarlySalary Finished A Loan Transaction Worth $ 1 Million

Pune based, consumer lending application, EarlySalary has completed a big loan assignment
BY BEx Bureau
BusinessEx
Feb 28, 2019

Pune based, consumer lending application, EarlySalary has completed a big loan assignment amounting $1 million. It is in addition to NCD issuance, amounting $2 million, as per the Indian daily news, The Economic Times.

Northern Arc Capital executes and structures transactions of Earlysalary. Northern Arc Capital is an NBFC which collaborates with companies in the country which are emerging in the sector, as reported by the Indian daily news, The Economic Times.

A loan assignment is a typical form of assignment wherein a lender gives his rights pertaining to a loan agreement to a new lender.

Ashish Goyal, CFO of EarlySalary application, said, The last few months have been challenging for NBFCs and with the evolving liquidity situation, we wanted to expand our liability profile, wherein we explored the opportunity of innovative products like loan assignments and securitisation. We have also done an NCD issuance of $2 million recently. We continue to look at all options to ensure that we have sufficient liquidity to expand our offerings to the customers. This transaction marks our journey to deepen the liability side of the business and we expect to do many more transactions in the near future. as reported by the Indian daily news, The Economic Times.

The company was established three years back; it provides loans to individuals against their remuneration. At present, it is operating in 17 cities and has paid out loans more than INR 850 crores.

Kshama Fernandes, CEO of Northern Arc, apprised, This transaction, set against the backdrop of a volatile market, is another proof of investors confidence in the quality of our partners and the stringent underwriting process of Northern Arc. Our modus operandi has been to start working with high potential entities when they are small, to play an integral part in their growth story, and our partnership with EarlySalary exemplifies that. as reported by the Indian daily news, The Economic Times.

Please add your Comment
SIMILAR News
July 20, 2019
Reliance Brands, a division of Reliance Industries, has acquired the British toy retailing firm, Ham ...More
By Jaspreet Kaur
July 20, 2019
The acquired plant is presently producing 2.1 million bags of intravenous infusions every month.  ...More
By Jaspreet Kaur
July 19, 2019
The companies said in a statement, “they have also reached an agreement that will make eBay inventor ...More
By Jaspreet Kaur
July 18, 2019
Software company, Ebix Inc. proclaimed to have signed a concord to buy Yatra Online Inc. in a transa ...More
By Jaspreet Kaur
July 18, 2019
Delhi-based Procol will use the funding to scale its procurement platform and begin deploying other ...More
By Jaspreet Kaur
July 17, 2019
As per the concord, Cipla will invest around INR 164 crore in the joint venture for 4 years, said th ...More
By Jaspreet Kaur
July 17, 2019
Valberg has made INR 3 crore investment in the agri-marketing company, which is a part of $90 millio ...More
By Jaspreet Kaur
July 16, 2019
The VC firm, Unicorn will search for startup companies in various sectors like fin-tech, robotics, g ...More
By Jaspreet Kaur
July 16, 2019
Ecozen essentially creates products which are targeted at farmers in order to help them grow yields, ...More
By Jaspreet Kaur
July 11, 2019
The company manufactures and sells menswear clothing online; It performs the entire manufacturing an ...More
By Jaspreet Kaur
July 11, 2019
In the previous year, Ezyhaul made its foray in India by receiving investment $5 million in Series A ...More
By Jaspreet Kaur
July 10, 2019
The company will use the funds to boost its data capabilities by leveraging artificial intelligence ...More
By Jaspreet Kaur