Employee Management Fintech Startup SalaryBox Raises $4 Mn In Funding

Employee Management Fintech Startup SalaryBox Raises $4 Mn In Funding

SUMMARY

The startup provides small businesses with a mobile app-based platform that can be used to manage staff attendance and payroll processes for blue-collar workers

The labour-intensive primary and tertiary sector make up almost 50% of the country’s economy, marking a great opportunity for workforce management startups.

The Indian HR Payroll software industry is projected to have a revenue potential of $8 Bn by 2023

Fintech startup SalaryBox has raised $4 Mn in seed funding from Y-Combinator, AME Cloud Ventures, Soma Capital and 2AM Ventures. Other angel and seed investors including Gokul Rajaram (Doordash), Sriram Krishnan (Tinder and Spotify), and Anand Chandrasekaran (Facebook) also participated in the round. 

Founded in May 2020 by Nikhil Goel and Peeyush Goyal, SalaryBox is a mobile app-based employee management solution that helps small businesses manage staff attendance and payroll processes for blue-collar workers. 

It has grown to manage payroll for over 1 million employees on its app. The startup further aims to scale up its user base to more than 10 million employees by the end of next year

SalaryBox had raised pre-seed funding in May 2021 from GSF Accelerator and individual investors such as Alok Mittal (Indifi), Amit Ranjan (SlideShare, Sumit Jain (CommonFloor), Gaurav Kapur (Oaktree Sports) and Surjendu Kuila (Zopper). It will utilise the freshly raised capital to grow its team, build new products and features and expand its user base.

“We are excited to see such a strong validation from both of our clients and investors alike, towards our mission to enable financial inclusion for India’s 300 million-plus blue-collar workforce. SalaryBox will help these workers open their first salary account, while simultaneously making it much easier for small businesses to pay their staff accurately and on time,” said Nikhil Goel, cofounder and CEO of SalaryBox. 

Blue-collar workers form the backbone of an economy’s workforce. The labour-intensive primary and secondary sectors make up close to 50% of our country’s GDP. Engaging with these employees and making them feel valued is crucial to the HR efforts of companies in the space. 

In most organisations, these are the workers who are involved in the most stressful and physically demanding tasks. But the disorganised nature of the workforce means that most of their grievances go unheard. Here, workforce management platforms have the opportunity to make employee-employer relationships more transparent.

Last month, blue-collar workforce management startup Smartstaff had raised $4.3 Mn in a seed funding round where Blume Ventures, Nexus Venture Partners, Arkam Ventures, and Gemba Capital participated. 

Around the same time, Bengaluru-based blue and grey collar workforce management startup Betterplace acquired micro-learning SaaS platform Oust Labs in an all-cash deal, just weeks after the former raised $24 Mn in Series C funding from Jungle Ventures and 3one4 Capital.

The Indian HR Payroll software industry is projected to have a revenue potential of $8 Bn by 2023, growing at a CAGR of 9%.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Employee Management Fintech Startup SalaryBox Raises $4 Mn In Funding-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Employee Management Fintech Startup SalaryBox Raises $4 Mn In Funding-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Employee Management Fintech Startup SalaryBox Raises $4 Mn In Funding-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Employee Management Fintech Startup SalaryBox Raises $4 Mn In Funding-Inc42 Media
Employee Management Fintech Startup SalaryBox Raises $4 Mn In Funding-Inc42 Media
You’re in Good company