SalaryBox, a fintech startup that specialises as an employee management platform, has announced a $4Mn seed round today. The round saw participation from new and existing investors including Y-Combinator, Jerry Yang’s AME Cloud Ventures, Soma Capital and 2AM Ventures. Other key investors in the latest funding round 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 targeting a ripe and surging market — employee and expense management for small and medium businesses. The pandemic has forced most traditional SMBs to switch to digital modes of not just doing business, but managing their business as well. And SalaryBox is targeting that growing need. 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 startup says that it will utilize the funds to grow its team, invest in building new products and features, and further expand its userbase. SalaryBox had earlier raised a pre-seed funding in May 2021, from GSF Accelerator and marquee individual investors like Alok Mittal, CEO, Indifi; Amit Ranjan, ex-Co-Founder, SlideShare among others.
Nikhil Goel, co-founder and CEO of SalaryBox says, “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.”
Founded in May 2020 by IIT batchmates Nikhil Goel and Peeyush Goyal, SalaryBox claims to have 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 next year (2022).