Fintech startup SalaryBox raises $4 million in funding
- ByTejika Bajaj | November 18, 2021
The employee management app SalaryBox announced that it has raised $4 million in funding in a seed round led by Silicon Valley based accelerator Y Combinator. The round also saw participation from angel investors like Gokul Rajaram (DoorDash Inc), Sriram Krishnan and Anand Chandraskeran.
The capital raised through the seed round of funding would be utilized by the startup for hiring, building new products and features into the app and to expand its current user base. The startup additionally aims to utilize the funds to bring blue-collar workers into the formal economy.
Presenting his views about the recent infusion of capital, the Co-founder and CEO of Salary Box, Nikhil Goel stated, “We are now embarking on an exciting next phase of our growth and will use the funds to further strengthen our tech, marketing and operational teams, build new products and scale our user base over the next year. 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.”
Founded in 2020 by Nikhil Goel and Peeyush Goel, the Bengaluru headquartered startup aims to help small enterprises by simplifying the payroll and staff attendance process. The app currently holds the payroll data of more than a million employees and aims to ramp it up to ten million employees by the end of fiscal year 2021. The startup also intends to utilize the payroll data of the blue-collar employees to open bank accounts for them in an attempt to formalize their payroll procedure.
Follow Startup Story
Related Posts
