Bangalore, July 19, 2016: Prime Venture Partners, today announced a $1,000,000 (INR 6.7 Crores) investment in NiYO Solutions Inc., a Bangalore-based Fintech company. NiYO was founded in 2015 by banking and payroll industry veteran, Vinay Bagri, and mobile application and payments expert, Virender Bisht. NiYO aims to revolutionise the payroll market with a new age banking-grade solution that will effectively give salaried Indians, a pay raise of up to 10%.
NiYO is currently operating in a by an invitation-only model. It has pilots running with various companies having a cumulative strength of more than 25,000 employees. NiYO will be releasing its product to market shortly in partnership with leading banks in the country and will enable over 100,000 HR executives to give an automatic pay raise to more than 10 million employees. According to the IT Department, the average salary of tax-paying salaried Indians stands at INR 500,000 per annum. With up to 10% increase, approximately INR 25,000 Crores will get added as take home salary that can be used for additional spending, saving or investing.
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 cutting-edge technology in partnership with HRM software and banks will play an increasing role in the payroll function. 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 control their finances in real-time, on their fingertips. All this while ensuring a transparent, compliant & efficient process for employers. NiYO has also filed multiple product & process patents in this space.
This is Prime Venture Partners’ fourth investment in the Fintech & Payments space. With deep domain expertise in banking, payments, and financial technologies, Prime is increasingly supporting and developing startups in the sector.
“If you could get up to 10% more with no effort, wouldn’t you want it? At NiYO our core objective is to maximize employees’ effective salary by bringing innovations in payroll and benefits processes. 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.”
“At Prime, our focus is to back great entrepreneurs with category-creating companies. Vinay & Viren have an audacious goal of giving 30 million salaried workers in India a needle-moving increase in cashflow and liquidity. The combination of SmartPhone penetration and IndiaStack (Aadhaar, UPI, etc.) makes the timing right for NiYO’s patent-pending innovations to come to market. The initial response has been very encouraging and we’re indeed excited to be part of this journey”.
Prime Venture Partners are Bangalore-based Fund Advisors led by serial entrepreneurs Sanjay Swamy, Shripati Acharya and Amit Somani. They focus on identifying, mentoring and help building category- creating companies that are attracting large markets and are using technology in disruptive ways. They are addressing a much-needed gap in the Indian startup ecosystem by bringing a combination of first- hand entrepreneurial experience, operating expertise and meaningful capital. Prime Venture Partners’ portfolio includes innovative and exciting startups such as KredX, Maya (formerly LoveCycles), ZipDial (acquired by Twitter), Ezetap, SmartOwner, Synup, HackerEarth, happay, Nimble Wireless, Vidgyor, among others. Website: www.primevp.in