Bengaluru-based early salary loan provider PerkFinance has raised INR 6.5 crores ($900,000) in a seed round of funding from Chinese investor Fosun RZ Capital and angel investors Krishna Vinjamuri, Eric Bunting and Karan Virwani. Owned and operated by Stay Qurious Ventures Pvt Ltd, the startup will use the funds to improve its technology and boost its marketing.
Founded by Yogesh Keswani, Vivek Kandkur and Vikas Kothari, the startup facilitates loans through its lending partners to blue-collar workers. Kothari was a venture capitalist at Lightbox Ventures earlier. Keswani is an IIT-Kanpur and Oxford alumnus. He has worked at Lehman Brothers in the past. Kandkur was associated with two technology startups before he joined in.
Fosun RZ Capital is the venture investment arm of the Chinese conglomerate Fosun Group. Eric Bunting, one of the angel investors in the firm has invested in more than 26 fintech startups including Yapstone, Funding Circle and Kabbage. He is the founder of PE firm Overbrook Capital. Vinjamuri was also a venture capitalist associated with Lightbox Ventures and Sherpalo Ventures. Virwani is the CEO of WeWork India.
Fintech startups in India are gaining momentum. Earlier in April this year, Noida-based PayMe India raised $2 million from a bunch of Singapore-based angel investors. In January this year, EarlySalary raised INR 100 crores in series B round of funding from Eight Road Ventures India.