Indian Fintech startup EarlySalary recently acquired CashCare, a Mumbai-based checkout financing startup, for an undisclosed amount. As part of the deal, Vikras Sekhri, CashCare founder, will be joining the EarlySalary team.
EarlySalary, which offers short-term loans for people without credit histories, is planning to dive into the consumer-financing business following this deal. CashCare converts online purchases via their partner merchants into instant EMIs even without a credit card.
With EarlySalary’s acquisition of CashCare, the company will be directly competing with PayU-backed Zest Money.
“We have paid a small amount for the platform, rest we are getting the tech team of CashCare to join our company which is the biggest positive of this move,” said Akshay Mehrotra, EarlySalary founder. “We also get all the merchant partners of CashCare with us through the acquisition which will help us scale up the product fast,” he added.