When Kumar Mayank along with Ajay Kadyan started Zimyo in 2017, they had just one focus – make HR more ‘human’ for all employees. They thought in a country that is so employer-centric and hierarchy-obsessed, it is hard for employees to find purpose and fulfilment in work life.
Mayank shared in an exclusive interaction with People Matters, “We believe, organizations who fail to care for their employees would not stay relevant in an era where business thrives on ‘experience’.” And by experience he doesn’t mean only ‘customer experience’, but also ‘employee experience’.
Most recently, the Gurugram-based HR Tech startup Zimyo, raised an undisclosed amount of funding from Yatra Angel Network (YAN) and other angel investors. Zimyo was also one of the participants of the People Matters TechHR Startup Program in 2018.
Back then they had shared that their aim is to provide cost-effective, innovative and configurable ERP solutions for startups or small and medium-sized businesses. Now the scope of the vision for Zimyo has gone beyond. The firm now envisions to create a world where employees are empowered for a better work life.
Zimyo today calls itself an Employee Experience Platform that allows employee-centric organizations to offer one-of-a-kind workplace experience to their employees with modern HR Solutions like – Continuous Employee Feedback, Surveys and Polls, Life-cycle Management, etc. and Financial benefits like — Payday loans, Medical Insurance, Tax Saving Investments, among other.
People Matters interviewed Zimyo’s Founder Kumar Mayank after its latest round of funding. Here are the excerpts of the interview:
How has Zimyo's solution grown since its inception in 2017?
We started as a typical HR & Payroll SaaS, but over the past couple of years we now have over more than 18 different modules that makes us one of the most comprehensive HRMS SaaS companies. We have recently added our FinTech bouquet of solutions, that allows us to offer employee loans and insurance to all the employees on our platform.
How has the traction been so far?
Currently, 32,000 employees are using the platform, and we are just getting started. There are over 40 crore employees in India, and 45 percent of them are from small and medium businesses (with <2,000 employees). We want to help each one of them. And we want to help the businesses become better versions of themselves with global HR processes in place and employee focus in mind.
For a bootstrapped startup for two years in the market, I think we are doing pretty great!
What are your thoughts on the recent round of funding? How are you planning to utilize the money raised?
The funds would primarily be utilized for ‘increasing the Product Offerings’ and expanding operations geographically. We will also focus on building the sales team in these different geographies.
How do you think the HR tech space will evolve in 2020?
2020 would see a lot of convergence in the Indian HR Tech space.
I am assuming a lot of vertical SaaS players serving a niche domain like LMS, Engagement, etc would either be acquired or offered merger as hyper funded HR Tech players would be aggressive on employee acquisition.
As a big advocate of product play (rather than the service play that exists in the Indian subcontinent), I am assuming service play will finally lose it steam in 2020 and we will finally see product focused SaaS HR tech startups gaining momentum.
This could also be the year of HR SuperApps, the likes of what we see in monopolies. We at Zimyo, definitely want to spearhead this segment with our recently launched HR FinTech solutions.