Gurugram-based HRtech startup Zimyo, on Monday (January 13), announced that it has raised an undisclosed amount of funding from Yatra Angel Network (YAN) and other angel investors.
The round also witnessed participation from fintech veterans Abhishant Pant (Founder of The FinTech Meetup); Navin Surya (Chairman Emeritus, Payments Council of India); Madhu Sunandan R (Founder of YAP); Jose Thattil (Founder of Phi Commerce); Tejasvi Mohanram (Founder of Rupee Power); and Chitranth Patil (Beta Plus Capital) among other investors.
The company will be utilising the funding to develop its product offerings and scale into multiple diversified platforms. It will also be using it to expand its team and to onboard around 200K employees by 2020.
Incubated at IAMAI Mobile 10x Gurgaon Hub, Zimyo was founded by Kumar Mayank, along with Ajay Kadyan in 2018. The company offers HR and Payroll solutions to startups and small and medium businesses (SMBs). Zimyo claims to have served more than 150 organisations nationwide in managing their HR and payroll for over 32K employees.
In a press statement, Kadyan said, “HR needs to be a function that takes the lead in understanding what makes people engaged, what cultures drive the most productive workplaces and what equations enable a true merging of human capability with technology.”
Zimyo claims that its engagement goes beyond technology, the company believes in providing on-demand training and focusses on the wellbeing of employees. This helps organisations focus on core operations, provide upskilling opportunities and increase employee retention.
According to the Research and Markets 2018 report, the talent assessment market in HRtech is projected to cross $750 Mn by 2021. The market is crowded with startups and existing players are experimenting with various models — from pre-interview prep to soft skill development to background screenings to salary assessment and more. Some of the startups operating in the HRtech space include Darwinbox, Shortlist, Salaryfits, DoSelect, Talview, Scriptifi, Talview and more.
In October 2019, Greytip Software raised a Series C funding of $4.87 Mn from Info Edge and MegaDelta Capital. In May 2019, Bengaluru-based Skillenza raised a $1 Mn Pre-Series A funding round led by CBA Capital’s Education Catalyst Fund (ECF) with participation from Let’sVenture, CIO Angel Network, Keiretsu Forum, Hyderabad Angels and existing investors including Blume Ventures, and Tracxn Labs.
In the same year, Gurugram-based Pesto raised $2 Mn in its first round of funding led by Matrix Partners, with the participation of a group of angel investors, including Swiggy founders, Sriharsha Majety, Rahul Jaimini and Nandan Reddy; Innov8 founder Dr Ritesh Malik; Posist founder Ashish Tulsian and OIC Capital’s Jack Yeung.
Update | January 14, 2020, 12:10 PM
The article has been updated to reflect the updated press statement sent by Zimyo