SalaryBox funding

salarybox funding

SalaryBox, a startup that eases the payroll process for small businesses, has raised an undisclosed amount in its pre-seed funding round led by GSF Accelerator. The round also saw participation from marquee individual investors Alok Mittal, CEO, Indifi; Amit Ranjan, ex-CoFounder, SlideShare; Sumit Jain, Co-Founder, CommonFloor; Surjendu Kuila, Co-Founder, Zopper. 

The startup stated that it plans to utilize the fresh funds to boost product development and accelerate customer acquisition.

Established in 2020 by IIT Roorkee Alumni Nikhil Goel & Peeyush Goyal, SalaryBox has created a mobile-first SaaS product that simplifies salary calculation and payments for small businesses.

Nikhil, CEO & Co-founder said, “Small businesses that employ blue-collar workers still resort to manual, paper-based payroll processing, which can be particularly difficult to track.” 

“We need a technology solution that addresses the complexities of employee management, payroll, benefits, compliance, and more for a small business owner. This also helps blue-collar employees get a digital footprint of their payroll and employment details that they can easily share with financial institutions to avail loan and insurance products,” he added.

Speaking about the investment, Rajesh Sawhney, Founder of GSF Accelerator, mentioned, “In my experience, the momentum that SalaryBox has achieved in a year is unprecedented. It brings the benefits of software to a massive industry that is yet to embrace technology at scale. Their potential market includes hundreds of millions of employees, who will be able to build a credit profile enriched with the employment and payroll data, as a result, get better access to financial products.”

Commenting on the development, Sumit Jain, Co-Founder CommonFloor said, “SalaryBox is unlocking value in a large and growing market. What Nikhil & Peeyush have developed in the past year is hugely impressive, and I am excited about their vision. SalaryBox is a great example of the type of capital-efficient business that I like to invest in. I look forward to helping them to create a global market leader.”

SalaryBox is a mobile-first SaaS solution that makes salary computation and payments uncomplicated & convenient for small businesses. In the App, salaries are automatically calculated for different wage types after estimating attendance, leaves, allowances, overtime pay, and salary advances. Business owners can pay wages to all workers and file government-mandated compliance requirements in a single click.

SalaryBox is an amazing platform for small businesses to conveniently track and make payments to their employees. As more and more businesses are emerging in recent times, I’m sure the company will see huge opportunities for growth. My best wishes to the team of SalaryBox.

Shishir Gupta, Founder and CEO, StartupLanes

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