SalaryBox, an employee management app for small enterprises, has raised $4 MN in seed funding from Silicon Valley-based startup accelerator Y Combinator and others to strengthen its effort of bringing blue-collar workers into the formal economy.
The funding round saw the participation of DoorDash Inc.’s Gokul Rajaram, former Tinder and Spotify executive Sriram Krishnan and former Facebook executive Anand Chandrasekaran amongst a clutch of angel investors.
The capital raised will be used for hiring, building new products and features into the app, and expanding the user base. Nikhil Goyel, CEO of SalaryBox said, “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."
Founded in 2020 by IIT Roorkee Alumni Nikhil Goel and Peeyush Goyal, SalaryBox has built a mobile-first SaaS product that makes salary calculation and payments simple & convenient for small businesses. It currently holds payroll data of more than one million employees on the platform, and aims to grow that figure to 10 MN by the end of 2022.
The Bengaluru-based startup plans to use the employee data it is collecting to open bank accounts for blue-collar workers, who are generally paid in cash. “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,” Goel said.
Gokul Rajaram also shared in media, “The SalaryBox team impressed me with their outstanding product-market fit, which is evident from the tremendous growth in their user base in such a little time. With more Indian businesses growing comfortable with using apps to manage their business, I believe SalaryBox has a market-winning product on hand and I’m truly excited to support their mission.”