SalaryBox Raises $4 Million in Seed Round The fintech startup aims to utilize the funds to expand its user base, build new products and on-board top talent
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SalaryBox, a fintech startup, announced it has raised $4 million in a new Seed round from new and existing investors including Y-Combinator, Jerry Yang's AME Cloud Ventures, Soma Capital and 2AM Ventures.
Other key investors include US-based angel and Seed investors Gokul Rajaram, Doordash executive; Sriram Krishnan, former Tinder and Spotify executive and Anand Chandrasekaran, former Facebook executive.
SalaryBox is a mobile app-based employee management solution that simplifies the staff attendance and payroll processes for small businesses. The startup said it will utilize the funds to grow its team, invest in building new products and further expand its user base.
Founded in May 2020, SalaryBox has grown to manage payroll for over 1 million employees on its app. The startup further aims to scale up its user base to more than 10 million employees by the end of 2022.
Nikhil Goel, co-founder and CEO of SalaryBox, said in a statement, "We are excited to see such a strong validation from both our clients and our investors alike, towards our mission to enable financial inclusion for India's 300 million-plus blue-collar workforce. Salarybox will help these workers open their first salary account, while simultaneously making it much easier for small businesses to pay their staff accurately and on time."
Using the SalaryBox app, business owners can manage their payroll end-to-end, from attendance records and salary payouts, to filing of mandatory compliances. The SalaryBox app will use this data to create a digital professional identity for the 300 million blue-collar workers who typically earn their salaries or wages in cash, added the statement.
