SalaryBox, a Gurgaon, India-based employee management app for small enterprises, raised $4 million in seed funding from Silicon Valley-based startup accelerator Y Combinator and others to strengthen its effort of bringing blue-collar workers into the formal economy.
The funding round saw the participation of DoorDash Inc.’s Gokul Rajaram, former Tinder, and Spotify executive Sriram Krishnan and former Facebook executive Anand Chandrasekaran amongst a clutch of angel investors.
The capital raised will be used for hiring, building new products and features into the app, and expanding the user base and will use the funds to further strengthen SalaryBox tech, marketing, and operational teams, build new products and scale our user base over the next year.
Company: Cresce Innovation Private Limited
Raised: $4.0M
Round: Seed Round
Funding Month: November 2021
Lead Investors: Y Combinator
Additional Investors: DoorDash Inc.’s Gokul Rajaram, Sriram Krishnan, and Anand Chandrasekaran
Company Website: https://www.salarybox.in/
Software Category: Mobile-first SaaS solution
About the Company: Founded in 2020 by IIT Roorkee Alumni Nikhil Goel and Peeyush Goyal, SalaryBox has built a mobile-first SaaS product that makes salary calculation and payments simple & convenient for small businesses. SalaryBox's mission is to enable financial inclusion for the blue-collar workforce. It currently holds payroll data of more than one million employees on the platform and aims to grow that figure to 10 MN by the end of 2022.
Source: https://www.peoplematters.in/news/compensation-benefits/salarybox-raises-4-million-in-seed-funding-31666