Prime Venture Partners, today announced a $1,000,000 (INR 6.7 Crores) investment in NiYO Solutions Inc., a Bangalore-based Fintech company. NiYO was founded in 2015 by banking and payroll industry veteran, Vinay Bagri, and mobile application and payments expert, Virender Bisht. NiYO aims to revolutionise the payroll market with a new age banking-grade solution that will effectively give salaried Indians, a pay raise of up to 10%.
NiYO is currently operating in a by an invitation-only model. It has pilots running with various companies having a cumulative strength of more than 25,000 employees. NiYO will be releasing its product to market shortly in partnership with leading banks in the country and will enable over 100,000 HR executives to give an automatic pay raise to more than 10 million employees. According to the IT Department, the average salary of tax-paying salaried Indians stands at INR 500,000 per annum. With up to 10% increase, approximately INR 25,000 Crores will get added as take home salary that can be used for additional spending, saving or investing.
This is Prime Venture Partners’ fourth investment in the Fintech & Payments space.