HR Tech startup Zimyo has raised 1.5 Mn in its seed funding round led by BEENEXT. Yatra Angel Network and Angel List also participated in the funding round.
Angel Investors Abhishant Pant, Founder at The FinTech Meetup and Navin Surya, Chairman at FinTech Convergence Council also participated in the funding round.
Kumar Mayank, Co-Founder and CEO at Zimyo said, “We are thrilled to see great adoption of our core HR software and payroll platform mostly through word of mouth and client referral. Our financial benefits products are seeing good early traction especially in times of need.”
Mayank added, “BEENEXT partnership brings a unique global perspective in Zimyo’s journey.”
The startup plans to use the seed funding to strengthen the team and technology to expand its business. Meanwhile, Sayali Karanjkar, Co-founder, Paysense will be joining the board as an advisor to Zimyo on building FinTech products and global expansion.
Founded in 2018 by Kumar Mayank and Ajay Kadyan, Zimyo HRMS is an easy-to-use HR SaaS solution for startups, small and medium businesses that ensures secure and easy management of HR activities for an organization. It's feature-rich, yet simple and scalable. The startup’s mission is to empower every entrepreneur, startup and small-medium enterprise to achieve more, and believes in a cloud-first world, building solutions that cover the entire spectrum from HRMS to Supply Chain Solutions.
Zimyo was also a participant in the People Matters TechHR Startup Program in 2018.
Its financial marketplace runs over its own proprietary payroll-led credit engine helping SMB employers to attract, retain and nurture talent by offering multiple financial benefits that are otherwise not accessible to them.
Hero Choudhary, Partner at BEENEXT said, “We are very excited to partner with the Zimyo team. Mayank and Ajay have built a strong B2B SaaS business for underserved SMB segment.”
Choudhary added that with Zimyo’s differentiated offering of Financial Benefits riding on core HR and Payroll solutions, BEENEXT believes SMBs will be able to better serve their employees resulting in a high NPS and low attrition. This is even more critical in a new remote work environment post-COVID.
The round follows a recent round of funding raised by the firm early this year from Yatra Angel Network (YAN) and other angel investors. The current investment validates the rising interest of investors in an HR Tech solution as more of the world and HR rapidly moves towards digitization.