NiYO will enable a pay raise of up to 10 per cent for 10 million salaried Indians
Prime Venture Partners, a Bangalore-based fund advisors company, has recently announced a US$1 million investment in NiYO Solutions Inc., a Bangalore-based fintech company. 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 per cent.
NiYO is currently operating in an invitation-only model. It has pilots running with various companies 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 human resource (HR) executives to give an automatic pay raise to more than 10 million employees.
According to NiYO’s IT Department, the average salary of tax-paying salaried Indians stands at INR500,000 (US$7,400) per annum. With up to 10 per cent increase, approximately INR 25,000 Crores (US$3.7 billion) will be added as take home salary.
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NiYO believes that the technology in partnership with HR management software and banks will play an increasing role in the payroll function. With support from disruptive platforms such as Aadhaar and the Unified Payment Interface (UPI), the company also believes that it will enable customers to control their finances in real-time, on their fingertips.
It has also filed multiple product and process patents in this space.
“At Prime, our focus is to back great entrepreneurs with category-creating companies. Vinay and Viren have an audacious goal of giving 30 million salaried workers in India a needle-moving increase in cash flow and liquidity. The combination of smartphone penetration and IndiaStack (Aadhaar, UPI, etcetera) 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,” said Sanjay Swamy, Managing Partner at Prime Venture Partners, in a press statement.
“If you could get up to 10 per cent more with no effort, wouldn’t you want it? At NiYO our core objective is to maximise employees’ effective salary by bringing innovations in payroll and benefits processes. Our aim is to optimise the product suite for employees in areas of taxation, lending and wealth. By partnering with leading HR management providers, banks and taxation experts, we are automating a number of hitherto manual processes that were time-consuming and error-prone,” added Vinay Bagri, Co-Founder and CEO, NiYO Solutions.
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Founded in 2011, Prime Venture Partners had recently invested in two companies, KredX and Plackal – LoveCycles, in 2016.
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