Gurugram-based Startup SalaryBox Raises $4M From Y-Combinator, AME Cloud Ventures, Others
SalaryBox, a staff attendance & payroll management app, has raised $4 million in a new seed round from new and existing investors, including Y-Combinator, Jerry Yang’s AME Cloud Ventures, Soma Capital and 2AM Ventures.
US-based angel and seed investors Gokul Rajaram (Doordash Executive), Sriram Krishnan (former Tinder and Spotify Executive), and Anand Chandrasekaran (former Facebook Executive) also participated in the funding round.
The startup plans to utilise the raised funds to further strengthen its tech, marketing and operational teams, build new products and scale its user base over the next year.
SalaryBox | Effortless Employee Management
Founded by IIT Roorkee alumni Nikhil Goel and Peeyush Goyal in May 2020, SalaryBox is a Gurugram-based mobile-first SaaS solution that makes salary calculation and payments simple and convenient for small businesses.
Speaking on the development, Nikhil Goel, Co-founder and CEO of SalaryBox, said,
“We are excited to see such a strong validation from both our clients and our investors alike towards our mission to enable financial inclusion for India’s 300 million-plus blue-collar workforce. 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.”
Enabling effortless employee management, the startup has grown to manage payroll for over 1 million employees on its app. SalaryBox further aims to scale up its user base to more than 10 million employees by the end of next year (2022).
The startup had earlier raised pre-seed funding in May 2021 from GSF Accelerator and marquee individual investors like Alok Mittal (CEO at Indifi), Amit Ranjan (ex-Co-founder, SlideShare), Gaurav Kapur (Founder of Oaktree Sports).
Gokul Rajaram, Doordash Executive, said,
“With more Indian businesses growing comfortable with using apps to manage their business, I believe SalaryBox has a market-winning product on hand, and I’m truly excited to support their mission.”
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