Bengaluru-based fintech start-up NiYO Solutions, raised $13.2 million (85 crore) in its Series A funding that saw participation from Social Capital, JS Capital LLC (the family office of Jonathan Soros), and Horizons Ventures and existing investor Prime Venture Partners.
Bengaluru-based fintech start-up NiYO Solutions, raised $13.2 million (85 crore) in its Series A funding that saw participation from Social Capital, JS Capital LLC (the family office of Jonathan Soros), and Horizons Ventures and existing investor Prime Venture Partners. With this, the total fund raised by the company in venture capital so far will reach $14 million. The start-up will use the funds to expand and diversify its market while expanding its payroll and benefits platform for salaried employees in India. The company looks to add 5,000 organisations and over 1 million salaried employees by the end of 2018 in its kitty. NiYO Solutions was launched in July 2016 as a pilot in Bangalore and has already clocked more than 500 corporates. It is being used by over 100,000 salaried employees in these organisations, through its partnerships with YES Bank and DCB Bank. NiYO aims to expand its product suite for the salaried segment besides taking the product to tier 2 and 3 towns. The funding will be used for further product development, team expansion and increasing presence in tier 1 cities, said the company in a statement.
Vinay Bagri, CEO and co-founder, NiYO, said, “We deeply believe 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 maximize employees’ effective salary by bringing innovations in payroll and benefits processes”.
NiYO Solutions has riden on the back of the opportunity created by the lack of innovation in the employee payroll market coupled with inefficient, paper-driven traditional processes for employee tax returns.