Rating
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The rating agency for this Bond is CARE.
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Earlysalary Services Pvt. Ltd. Oct '28
₹99,675.00YTM
11.10%Tenure left
25 monthsInterest payout
MonthlyPrincipal payout
Principal AmortizatiBond details
Minimum investment₹99,675.00
Date of maturity04 Oct 2028
ISININE01YL07474
Bond typeSenior
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About
Earlysalary Services Private Limited (ESPL), formerly known as Ashish Securities Private Limited, was incorporated in 1994 and is a registered Non-Banking Financial Systematically Important Company (NBFC-SI). Operating as a wholly-owned subsidiary of its technology parent Social Worth Technologies Private Limited (SWTPL), the company provides unsecured consumer loans primarily to salaried individuals for short-term liquidity needs. ESPL utilizes a branchless, digital-first lending model through its mobile application, Fibe (earlier known as Earlysalary), employing automation and data analytics for its credit underwriting and risk assessment. As of June 30, 2025, the company had a tangible net worth of ₹1,030 crore, an Assets Under Management (AUM) of ₹5,584 crore, and served over 9 lakh borrowers across more than 30 states and union territories.;
Pros and Cons
Pros
Cons
The company maintains an adequate capitalization profile, supported by regular equity infusions from its parent entity, SWTPL, which raised ₹547 crore in FY25 and has down-streamed a total of ₹900 crore to ESPL since inception.
ESPL has demonstrated a consistent improvement in its scale of operations, with its AUM significantly expanding from ₹4,064 crore as of March 31, 2024, to ₹5,584 crore as of June 30, 2025.
The company possesses a moderately diversified resource profile, with its funding mix as of June 30, 2025, comprising Non-Convertible Debentures (41%), NBFCs/FIs (31%), banks (18%), pass-through certificates (6.9%), and commercial paper (1%).
The business is guided by an experienced management team, including co-founders Akshay Mehrotra and Ashish Goyal, who collectively bring over four decades of expertise in retail and financial services.
ESPL maintains an adequate liquidity position with positive cumulative mismatches across all time buckets, supported by consolidated unencumbered liquidity of ₹204 crore and an undrawn overdraft limit of ₹120 crore at the parent level as of June 30, 2025.
Other details
Clean price₹99,847.60
Dirty price₹99,675.00
Current yield11.10%
Security cover--
Issue size82.01Cr
Original bond tenure26 months
TrusteeMitcon Trusteeship Services Ltd
Mode of issueNCD
Listed onNSE
Listing date30 Jul 2026
Coupon rate10.50%
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