SalaryBox Is Enabling Effortless Employee Management With Its Mobile-first SaaS Solution
The small and medium businesses (SMBs) ecosystem in India is growing rapidly. And India has over 63 million SMBs with more than 300 million blue-collar workers, as per IBEF.
But because of low digital penetration and lack of digital infrastructure, these SMB’s find it difficult to keep their processes efficient. They find it hard to manage attendance records, overtime, payroll and salary distribution, advance paid, and bonuses records.
To enable SMB’s to solve these issues, Nikhil Goel and Peeyush Goyal started SalaryBox in 2020.
Startup Story: SalaryBox | Staff Attendance & Payroll Management App
Started by Nikhil Goel and Peeyush Goyal, IIT Roorkee graduates, in 2020, SalaryBox is a mobile-first SaaS solution that makes salary calculation and payments simple and convenient for small businesses.
Before commencing the journey of SalaryBox, Nikhil worked with startups like Indifi and Practo, while Peeyush had earlier worked with LeadGenius and Helpshift.
Now, at SalaryBox, Peeyush handles the product and engineering verticals, while Nikhil takes care of other business functions.
How SalaryBox Started?
Nikhil and Peeyush started SalaryBox to enable financial inclusion for the blue-collar workforce.
They realised that with the low digital penetration and the unavailability of employment and payroll data, SMBs and blue and grey collar employees face several issues. These employees find it difficult to avail essential financial products such as loans and insurance.
To solve these issues, Nikhil and Peeyush started Salary Box, where SMB’s can manage their entire staff from a single app and process payroll, communicate, assign tasks and more.[Read: How This Startup Is Taking Insurance To The Masses And Making Insurance Selling In India More Efficient]
USP Of SalaryBox
The startup brings the broken process of calculating salary, maintaining attendance records, processing salary payouts and managing compliances onto a single app.
In the app, salaries are automatically calculated for different wage types after considering attendance, leaves, allowances, overtime pay, and salary advances. Business owners can disburse wages to all workers and file government-mandated compliance requirements in a single click. What used to take a few days can now be done in a few minutes using the SalaryBox App.
Present Situation Of SalaryBox
Currently, the startup has a team size of seven members, with over 45,000 registered businesses. Working on a SaaS subscription model, SalaryBox’s app is available for Android users at present and has over one lakh downloads on Play Store.
“We have recently launched the paid plan and are charging Rs 2,000 per year per SMB. For the future, our possible source of revenue could be selling financial services like salary advances and insurance for the blue-collar workers.”
With plans to launch its iOS app shortly, the startup had raised an undisclosed pre-seed round in May 2021.
Future Plans Of SalaryBox
As per Peeyush, the startup plans to provide financial infrastructure for SMBs and their workforce. The co-founders plan on expanding SalaryBox to offer services like salary advances and insurance, where the startup aims to partner with financial institutions to make salary advances available on its app.
SalaryBox plans on becoming a credit score provider for underwriters while facilitating repayments by auto-deducting the repayment amount from an employee’s salary. Additionally, the startup plans to enable employees to use the app for identity and employment history checks with prospective employers.
For more stories of startups, click Startup Stories.