Bengaluru-based fintech startup NiYO Solutions, raised $13.2 million (85 crore) in its Series A funding from investors including Social Capital, JS Capital LLC (the family office of Jonathan Soros), and Horizons Ventures and existing investor Prime Venture Partners.
The fund raised will be used by the startup to strengthen and expand its product suite, hire new talent and expand into tier 2 and tier 3 towns.
With this, the total fund raised by the startup in venture capital so far will reach $14 million. Earlier in July 2016, the startup had raised seed funding of undisclosed amount from Prime Ventures.
Founded in 2015 by Vinay Bagri (ex-Kotak Mahindra) and Virender Bisht (ex-Mobikwik), NiYO provides expense cards with all HR functions integrated into it – including salary and benefits.
According to NiYO CEO Bagri, the addressable market for the company’s products is close to 75 million salaried employees in India. The product can also increase the take-home salaries and simplify financial planning and other banking needs for employees, he claims.
NiYO currently has around 500 corporate clients and 100,000 salaried employees. It aims to serve 5,000 organizations and over 1 million salaried employees by the end of 2018.
NiYO has also partnered with YES Bank recently to integrate their solution with the bank and roll out a multi-pocket card, an app and a digital account comprising multiple wallets.