Gurugram-based Zimyo is a unique human resources management system (HRMS) platform for SMBs that is focused on driving financial inclusion. Founded by Kumar Mayank and Ajay Kadyan, the startup aspires to bring its SaaS platform and financial solutions to over 200 million SMB employees. It has over 150 clients across India for which it manages HR and payrolls for 32,000 employees.
“Zimyo originated through personal experiences in our past workplaces,” says Mayank, co-founder & CEO, Zimyo. “We identified that HR technology is lacking edge in our country. Further exploration helped us identify the central issue that companies are facing and the solutions which are available in the market. We recognized the major pain points that companies are facing while creating engaging work environments.”
Prior to co-founding Zimyo, Mayank was the AVP at Equitas Small Finance Bank. He was responsible for launching ‘FASTag’ for the small finance bank—the new flagship payment product of NPCI for Electronic Toll Collection (ETC).
He elaborates on the genesis of the initial idea: “Another very crucial problem which we identified through personal observations was financial inclusion for SMEs. Technology seemed to be the right answer to these problems. We merged the HR tech industry with fintech solutions. All our developments and decisions are based on one question: How we can improve the employee experience of a company?”
Zimyo started in January 2018. During this short span of two and a half years, it has helped HR teams of its clients from various industries, to improve how they manage their employees.
“Through our versatile platform, we have successfully catered to small companies with an employee count of 50 to big enterprise companies with 5,000 plus employees. Through our solution, most of our clients reduced their cost of HR operations by 10-15% on average,” he says, adding, “Our clients have reduced their onboarding time, turnover ratios; improved their employee self-service procedures and helpdesk. Our platform helped them better manage their workforce.”
On the financial front, Zimyo broke even within a year of its launch.
“We have been profitable since the beginning of 2019. Currently, we have 150+ active paid clients on our platform. We have been able to retain every single client during this pandemic. Their investment has either increased in our services or remained at the same levels during the last six months,” he says.
Zimyo completed its pre-incubation program from June-September 2020, organized by NSRCEL and it was powered by ICICI Securities. Zimyo raised $1.5 million in the seed funding round. The round was led by BEENEXT. Yatra Angel Network and Angel List were also part of the funding round. Angel investors Abhishant Pant, founder at The Fintech Meetup, and Navin Surya, chairman at Fintech Convergence Council, also participated in the funding round. Aside from funding, Sayali Karanjkar, co-founder of Paysense, joined the board of Zimyo to advise on building fintech products and global expansion.
“We wish to establish Zimyo as the go-to-platform in the HR tech industry by early Q1 of 2021-22,” says Mayank. “We will look to expand into the APAC region next year and eventually into US and Europe markets. We are continuously growing, in the past two months, our team size has grown from 17 to 42. Our recent round of funding has given us the right resources to expand our client base and team,” he adds.