[Funding alert] HRtech startup Zimyo raises undisclosed funding from Yatra Angel Network

The startup plans to utilise the funds to further develop its product offerings and to scale into multiple diversified platforms.

Zimyo, an HRtech startup, on Monday said that it has raised an undisclosed amount of funding from Yatra Angel Network. The round also saw participation from fintech veterans Abhishant Pant (Founder of Fintech Meetup); Navin Surya (Chairman Emeritus, Payments Council of India); Madhusunandan R (Founder of YAP); Jose Thattil (Founder of Phi Commerce); Tejasvi Mohanram (Founder of RupeePower); and Chiranth Patil (BetaPlus Capital), among others.

The startup plans to utilise the funds to further develop its product offerings, and to scale into multiple diversified platforms.

Started in 2018, Zimyo is a cloud-based HR and benefits solutions for startups, small and medium businesses, helping them manage talent, with a particular focus on assisting employees with financial offerings. 

Currently, Zimyo serves more than 150 organisations across the country, managing HR and payroll for over 32,000 employees. Post this fundraising, the company is aiming to on-board over 200,000 employees on its platform by 2020.

Based on rich employment data that goes beyond just bank statements, the platform also plans to offer this as an alternative data for credit assessment undertaken by digital lenders and NBFCs.

Speaking on the product, Kumar Mayank, Founder, Zimyo, said,

“I believe that the future of HR has arrived, and HR needs to be a function that takes the lead in understanding what makes people engaged, what cultures drive the most productive workplaces, and what equations enable a true merging of human capability with technology. The need for a digital transformation from operating in a traditional cocoon is no longer an option. The sooner the shift happens, the higher the chances of survival.”

Currently, Zimyo is incubated at IAMAI Mobile 10x Gurgaon Hub, and was also a part of JioGenNext’s Basecamp, a four-week-long mentoring programme for seed-stage startups.

The startup was also a part of Upekkha, a Chennai-based accelerator which works with SaaS businesses.

(Update: This article was updated with additional growth metrics after a conversation with the founder.)

(Edited by Suman Singh)