India-based NiYO Solutions has raised $13.2m in a Series A round, which was raised to support the expansion of its payroll platform.
Contributions to the round came from Social Capital, JS Capital and Horizons Ventures, while existing investors Prime Venture Partners also participated in the round.
Founded in 2015, NiYO is an employee payroll and benefits solution, which is a single location for all employee payouts including salary accounts, meal cards, canteen solutions, corporate gift card, reimbursements account, international travel card and corporate credit cards. Through the platform users receive debit cards, which can be used at ATMs and 1.5 million online and offline outlets.
A benefit card is also available for businesses, allowing them to manage all tax benefit distributions such as food allowances, gift allowance, and payment reimbursements.
The new line of equity will enable the company to expand its product suite and further develop its solution. Equity will also be used to increase the size of its team and its presence in tier one cities. With continued growth of its products, the company hopes to serve 5,000 organisations and more than 1 million employees by the end of the year.
Social Capital partner Arjun Sethi said, “NiYO is digitising the entire employee payroll and benefits value chain, making the process easier and more transparent for employers and employees alike. This is an area that hasn’t seen much innovation in the Indian technology ecosystem, despite the massive addressable market.
“We believe that India is on the brink of unprecedented consumer consumption, and that movement begins with infrastructure that manages people’s earnings in a reliable and modern way.”
Following this new injection of capital, the company has raised a total of $14m.
Earlier this week, India-based personal finance app IndianMoney.com secured a $3m funding round from SRI Capital and Hyderabad Angels. Another India-based company to raise capital this week was online lending platform FinREQ.
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