HR tech startup Zimyo on Tuesday announced that it raised seed funding of $1.5 million led by BEENEXT.
Other investors such as AngelList, YAN (Yatra Angel Network), and angel investors like Abhishant Pant (Founder, The FinTech Meetup), Navin Surya (Chairman, FinTech Convergence Council), and Sayali Karanjkar (Co-founder, Paysense) also participated in the round.
In fact, Sayali would join as a Board Advisor for advising the startup on fintech product building and global expansion.
The startup said that it will use the fresh funds raised to expand its team and further build out its technology to expand its business.
Started in 2018 by Kumar Mayank and Ajay Kadya, Zimyo is a cloud-based HR and benefits solutions for startups, small and medium businesses, helping them manage talent, with a particular focus on assisting employees with financial offerings.
“We are thrilled to see great adoption of our core HR software and payroll platform mostly through word of mouth and client referral. Our financial benefits products are seeing good early traction, especially in times of need,” said Mayank, Co-Founder and CEO, Zimyo, adding, “BEENEXT partnership brings a unique global perspective in Zimyo’s journey.”
The HR technology space is a significant part of the human resource industry, especially during the pandemic. According to a report published by Grand View Research in February 2020, the human resource management market is anticipated to reach $38.17 billion by 2027, registering a CAGR of 11.7 percent from 2020 to 2027.
Hero Choudhary, Partner at BEENEXT, said that Mayank and Ajay have built a strong B2B SaaS business for underserved SMB segment.
“With Zimyo’s differentiated offering of financial benefits riding on core HR and payroll solutions, we believe SMB will be able to better serve their employees, resulting in a high NPS and low attrition. This is even more critical in new remote work environment post-COVID,” he added.
Zimyo serves over 150 organisations across India, managing HR and payroll for over 32,000 employees. Post the fundraising, the startup is aiming to onboard over 200,000 employees. Earlier this year, the startup had raised an undisclosed amount of funding from Yatra Angel Network, and others.
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