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NiYO Solutions, a payroll and benefits startup has raised $1 Mn (INR 6.7 Cr) by venture capital firm, Prime Venture Partners. The Bangalore-based fintech startup will enable a pay raise of up to 10% for 10 Mn salaried Indians.
NiYO Solutions will use the raised funds to expand its tech and sales team to 40 in the next six months. Currently, it follows an invitation-only model, and claims to give a 10% pay raise to its client’s employees with the help of HRM software and banks.
The startup also aims to use IndiaStack* for its innovations. It will also be releasing its product in the market, which can be used by the HR teams of different organisations. Vinay Bagri, co-founder and CEO, NiYO Solutions said, ”Our aim is to optimize the product suite for employees in areas of taxation, lending and wealth. By partnering with leading HRM providers, banks and taxation experts we are automating a number of hitherto manual processes that were time-consuming and error-prone.”
NiYO Solutions was founded in 2015 by banking industry expert, Vinay Bagri (IIM Calcutta alumni) and mobile application and payments expert, Virender Bisht.
As per reports, the average salary of tax-paying Indians stands at INR 500K per annum. With up to 10% increase, approximately INR 25K Cr will be added as take home salary. It can be used for additional spending, saving or investing.
With the advent of Aadhaar card, Jan Dhan and smartphones, digital financial transactions have become easier. Added to that, a payroll startup will lessen paperwork, and ensure timely and accurate payments to the employees.
*IndiaStack is a complete set of API (Application programming interface) for developers and includes the Aadhaar for Authentication, safe deposit locker for issue, e-Sign (digital signature acceptable under the laws) and unified payment interface for financial transactions.
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