NiYO Raises Series A funding to drive its continued expansion

NiYO Solutions has raised $13.2 million (85 crore) in Series A funding to drive the continued expansion of its payroll and benefits platform in India. The investment was made by Social Capital, JS Capital LLc (the family office of Jonathan Soros), and Horizons Ventures with participation by existing investor, Prime Venture Partners. In total, the company has raised more than $14 million in venture capital. Adding on to its continued growth and popularity among businesses across India, NiYO aims to serve 5000 organizations and over 1 million salaried employees by the end of 2018.

NiYO was launched in July 2016 as a pilot in Bangalore and has already clocked more than 500 corporates and is being used by over 100,000 salaried employees in these organisations, through its partnerships with YES Bank and DCB Bank. NiYO is a one-stop solution for all employee payouts; its solutions include salary accounts, meal cards, canteen solutions, corporate gift card, reimbursements account, international travel card and corporate credit cards.

With this fresh funding, NiYO plans to strengthen and expand its product suite for the salaried segment besides taking the product to tier 2 and 3 towns. The funding will also be used for further product development, team expansion and increasing presence in tier 1 cities. The addressable market is close to 75 million salaried employees in India who can benefit through a simple payroll & benefits solution which can increase the take home salaries and simplify financial planning & other banking needs.

Employee Payroll in India and around the world has traditionally seen very little innovation in the past several decades with banks hardly providing any differentiation to customers. This coupled with inefficient, paper-driven processes mean that most employers and employees fail to take advantage of tax exemptions and other savings that the law provides for. Same holds true for investment and lending products for salaried class where the power of payroll is largely ignored in product design.

NiYO believes that its cutting edge technology and processes can combine the erstwhile unconnected worlds of Human Resources and Financial Services. The future is mobile and with support for disruptive platforms such as Aadhaar and the Unified Payment Interface (UPI), NiYO will enable its customers to simplify and control their banking, taxation & finance needs. NiYO has also filed multiple product & process patents in this space.

Tags: NiYO, NiYO Solutions, yes bank, dcb bank, varindia, Social Capital, JS Capital LLc, Prime Venture Partners, Unified Payment Interface, upi, aadhaar