Fintech startup SalaryBox raises $4 mn funding from Y-Combinator, others

Fintech startup SalaryBox on Wednesday said it has raised USD 4 million (about Rs 29.7 crore) in funding from Y-Combinator, Jerry Yang's AME Cloud Ventures, Soma Capital, 2AM Ventures and others.

Other key investors in the seed funding round included US-based angel and seed investors Gokul Rajaram (Doordash executive), Sriram Krishnan (former Tinder and Spotify executive), and Anand Chandrasekaran (ex-Facebook executive), a statement said.

The company will utilise the funds to grow its team, invest in building new products and features, and further expand its user base, it added.

Founded in May 2020, by Nikhil Goel and Peeyush Goyal, SalaryBox is a mobile app-based employee management solution that simplifies the staff attendance and payroll processes for small businesses.

SalaryBox has grown to manage payroll for over one million employees on its app. It aims to scale up its user base to more than 10 million employees by the end of 2022.

"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. We are now embarking on an exciting next phase of our growth and will utilise these funds to further strengthen our tech, marketing and operational teams, build new products and scale our user base over the next year," SalaryBox co-founder and CEO Nikhil Goel said.

The company had raised a pre-seed funding in May this year from GSF Accelerator and marquee individual investors like Alok Mittal (Indifi CEO); Amit Ranjan (SlideShare co-founder), Sumit Jain (CommonFloor co-founder), Gaurav Kapur (Oaktree Sports founder) and Surjendu Kuila (Zopper co-founder).