Zimyo, an all-in-one HR software and payroll platform for small and medium-sized businesses (SMB) in India, announced a $1.5M seed round led by BEENEXT. Founded in 2018 by Kumar Mayank and Ajay Kadyan, Zimyo aspires to bring its SaaS platform and financial solutions to over 200 Million SMB Employees. Zimyo’s financial marketplace runs over its own proprietary payroll-led Credit engine and helps SMB employers to attract, retain and nurture great talent by offering multiple financial benefits – otherwise inaccessible to them.
“We are very excited to partner with Zimyo team. Mayank and Ajay have built a strong B2B SaaS business for underserved SMB segment,” said Hero Choudhary, Partner at BEENEXT, “With Zimyo’s differentiated offering of Financial Benefits riding on core HR and Payroll solutions, we believe SMB will be able to better serve their employees resulting in a high NPS and low attrition. This is even more critical in new remote work environment post COVID.”
“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.” said Mayank, Zimyo’s Co-Founder and CEO, “BEENEXT partnership brings a unique global perspective in Zimyo’s journey.”
The company plans to use seed funding to hire great talent and further build out its technology to expand its business.