NiYO Expands Services to Gujarat; Aims to Digitise Payroll for Manpower Supply Firms
To manage the company’s operations in Gujarat, NiYO has also set up a small sales and operations team of eight people and is planning to hire more this year.
Vinay Bagri, CEO & Co-founder, NiYO
NiYO Solutions Inc., a new-age digital banking solution for the salaried employees, is expanding its operations in Gujarat. The company aims to digitize the entire payroll and benefits process, for contract workers in various manpower supply companies, working across various industries in Gujarat. NiYO has already on-boarded 50 companies in the state, and is serving more than 10,000 new-to-bank users. Few of the notable local customers include: The Sainik Manpower Services, Honos Protection Services Pvt. Ltd. and Force 11 Security Services. To manage the company’s operations in Gujarat, NiYO has also set up a small sales and operations team of eight people and is planning to hire more this year.
Gujarat is one of the leading industrialised states in India and has around 30,000 factories with more than 1.5 million workers employed on a daily basis. NiYO provides an unique product to control and manage salaries of the labour workforce, employed in various such industries, through manpower contractors. Manpower contractors account for huge amount of industrial and service sector employment in the country. The workers prefer these firms as they offer various benefits like PF, gratuity and insurance along with better training and placements. With the introduction of NiYO, it has become easier for manpower supply firms to adhere to a formal payroll system which enable their workers to avail various functions such as fund transfer, online payments, phone banking and withdrawal of cash from ATMs.
NiYO comprises of a corporate portal for salary disbursal, payroll card to receive salary and spend on ATM/POS/Online and a mobile app to track transactions and do basic banking functions like fund transfer etc. With eKYC and self-onboarding enabled on the NiYO app, new bank accounts can be opened under 3 minutes. The users can access their account details and keep a tab on their expenditures and allowances digitally. The mobile app allows employees to review all card transactions as well as check balances in real time. While it helps the organizations to digitize the benefits and payroll process and be more compliant and transparent, it also provides employees a unique experience of a single card for all requirements. The solution does not require either the corporate or the employee to change bank accounts but helps in obtaining a new account for workers who don’t have any.
Data from the Annual Survey of Industries (ASI) on employment in organized manufacturing shows that contract labour has become increasingly important in India. In the last 17 years, the compound annual growth rate (CAGR) of contract workers is 6.79% which is in stark contrast to the CAGR of directly employed workers at 0.55%. Organised labour is fast becoming an important asset in India and the manpower companies are playing an important role in India’s industrial development.
NiYO believes that its cutting edge technology and processes can combine the erstwhile unconnected worlds of Human Resources and Financial Services. The future is mobile and with support for disruptive platforms such as Aadhaar and the Unified Payment Interface (UPI), NiYO will enable its customers to simplify and control their banking, taxation & finance needs. All this while ensuring a transparent, compliant & efficient process for employers. NiYO has also filed multiple product & process patents in this space.
NiYO was launched in 2016 as a pilot in Bangalore and has already clocked more than 500 corporates and is being used by over 160,000 salaried employees in these organisations. It also recently raised $13.2 Million (85 crore) in Series A to reinvent payroll and benefits for salaried India.
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