NiYO Solutions, a fintech startup, has raised $13.2 million in Series A funding to drive the expansion of its payroll and benefits platform in India.
New investors such as Social Capital, JS Capital and Horizons Ventures and existing investor, Prime Venture Partners made the investment.
NiYO Solutions, launched in July 2016 as a pilot in Bangalore, has raised more than $14 million in venture capital. NiYO aims to serve 5,000 organizations and over 1 million salaried employees by the end of 2018.
NiYO has more than 500 corporates clients for managing their 100,000 plus salaried employees via its partnerships with YES Bank and DCB Bank. NiYO solutions include salary accounts, meal cards, canteen solutions, corporate gift card, reimbursements account, international travel card and corporate credit cards.
NiYO plans to expand its product for the salaried segment besides taking the product to tier 2 and 3 towns. NiYO will use the funding for product development, team expansion and increasing presence in tier 1 cities. The addressable market is close to 75 million salaried employees in India.
Vinay Bagri, CEO and co-founder of NiYO, said: “Our aim is to optimize the product for employees in areas of taxation, lending and wealth.”
