NiYO Solutions was founded in 2015 by banking industry expert, Vinay Bagri (IIM Calcutta alumni) and mobile application and payments expert, Virender Bisht. The startup also aims to use IndiaStack which is a complete set of API (Application programming interface) for developers and includes the Aadhaar for Authentication, safe deposit locker for issue, e-Sign (digital signature acceptable under the laws) and unified payment interface for financial transactions. It will also be releasing its product in the market, which can be used by the HR teams of different organisations.
As per the latest revelation from the startup, NiYO Solutions, a payroll and benefits startup has raised $1 million by venture capital firm, Prime Venture Partners. The Bangalore-based fintech startup will enable a pay raise of up to 10% for 10 million salaried Indians.
Speaking on the occasion, Vinay Bagri, co-founder and CEO, NiYO Solutions mentioned,
”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.”
NiYO Solutions will utilise the raised funds towards expansion of its tech and sales team to 40 in the next six months. Currently, it follows an invitation-only model, and claims to give a 10% pay raise to its client’s employees with the help of HRM software and banks.