SalaryBox, a startup that simplifies the payroll process for small businesses, has raised an undisclosed amount in its pre-seed funding round. GSF Accelerator led the round, with the participation of marquee individual investors Alok Mittal, CEO, Indifi; Amit Ranjan, ex-CoFounder, SlideShare; Sumit Jain, Co-Founder, CommonFloor; Surjendu Kuila, Co-Founder, Zopper. The start-up said that it would use the funds to accelerate product development and drive customer acquisition.
Founded in 2020 by IIT Roorkee Alumni Nikhil Goel & Peeyush Goyal, SalaryBox has built a mobile-first SaaS product that makes salary calculation and payments simple & convenient for small businesses.
“Small businesses that employ blue-collar workers still resort to manual, paper-based payroll processing, which can be particularly difficult to track,” said Nikhil, CEO & Co-founder. He further explained, “We need a technology solution that addresses the complexities of employee management, payroll, benefits, compliance, and more for a small business owner. This also helps blue-collar employees get a digital footprint of their payroll and employment details that they can easily share with financial institutions to avail loan and insurance products”.
Commenting on the investment, Rajesh Sawhney, Founder of GSF Accelerator, mentioned,
“In my experience, the momentum that SalaryBox has achieved in a year is unprecedented. It brings the benefits of software to a massive industry that is yet to embrace technology at scale. Their potential market includes hundreds of millions of employees, who will be able to build a credit profile enriched with the employment and payroll data, as a result, get better access to financial products."
“SalaryBox is unlocking value in a large and growing market,” said Sumit Jain, Co-Founder CommonFloor. “What Nikhil & Peeyush have developed in the past year is hugely impressive, and I am excited about their vision. SalaryBox is a great example of the type of capital-efficient business that I like to invest in. I look forward to helping them to create a global market leader.”