10 January 2018, India:
Fintech Startup NiYO Solutions has raised $13.2 million (₹ 85 crore) in Series A funding from Social Capital, JS Capital and Horizon Ventures. Existing investor Prime Venture Partners also participated in the funding round.
The startup will use the fresh capital to focus on diversifying its product suite and hiring new talent. The startup will also expand its presence across tier 2 and tier 3 cities.
Vinay Bagri, CEO and co-founder of NiYO said, “We deeply beleive that the rapidly growing number of salaried employees in India have not seen much innovation when it comes to their own payroll and benefits. They are mobile and app-savvy and very demanding. At NiYO, our core objective is to maximise employees’ effective salary by bringing innovations in payroll and benefits processes.”
Bagri added, “Our aim is to optimise the product suite for employees in areas of taxation, lending and wealth. We have been fortunate to partner with JS Capital, Social Capital, Horizon Ventures and Prime – all of whom are top-tier investors with deep fintech and operational experftise to take us to the next level.”
Sanjay Swamy, Managing Partner at Prime Venture Partners said, “NiYO’s strong growth since its inception is testament to both the innovative nature as well as rapid customer adoption of their solution which addresses a massive opportunity – providing effortless and innovative solution to manage payroll and benefits, powered by mobile. The combination of SmartPhone penetration and IndiaStack makes the timing right for NiYO’s patent-pending innovations to come to market. We are privileged to be associated with this stellar team from the start of their journey and be part of their vision to disrupt the payroll landscape”.
Arjun Sethi, Partner at Social Capital said, “NiYO is digitising the entire employee payroll and benefits value chain, making the process easier and more transparent for employers and employees alike. This is an area that hasn’t seen much innovation in the Indian technology ecosystem, despite the massive addressable market.”
Sethi further said, “We believe that India is on the brink of unprecedented consumer consumption, and that movement begins with infrastructure that manages people’s earnings in a reliable and modern way,”
NiYO Solutions was founded by Vinay Bagri and Virender Bisht in 2015. The company has worked with 500 corporates and is being used by more than 100,000 salaried employees in these organisations.
The company monetises by charging an annual fee for this product, that the employee or the employer pays. It also makes money from Merchant Discount Rate (MDR) charges, for transactions made at point of sale counters.
(Image – LinkedIn)
