NiYO to provide its Services in Gujarat
NiYO Solutions Inc. has announced to expand 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. Some 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.
Vinay Bagri, CEO & Co-Founder, NiYO, said, “We are pleased to announce our expansion in Gujarat. Being one of the most enterprising states in the country, we see a lot of potential for the adoption of NiYO here. Our main focus will be to enable manpower companies completely digitise their payroll process, through our product. We have currently secured 50 new companies as our customers and we hope to reach out to as many contract workers as possible. This will be of major advantage to the employees who have not yet entered the formal banking system and, through NiYO, will now start enjoying the benefits of digitisation and digital banking.”
Gujarat is one of the leading industrialized states in India and has around 30,000 factories with more than 1.5 million workers employed on a daily basis. NiYO provides a 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 three 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%. Organized 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 and finance needs, all this while ensuring a transparent, compliant and efficient process for employers. NiYO has also filed multiple product and 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 organizations. It also recently raised $13.2 million (Rs.85 crore) in Series A to reinvent payroll and benefits for salaried India.
Prem Singh, Proprietor, The Sainik Manpower Services, said, “NiYO is providing on-the-spot activation of salary accounts for our employees. A true digitization of a job which would otherwise have taken a whole day! All our workers' accounts were opened under 3-5 minutes and this was done at our office itself! NiYO is a very good digital account for our workers who were not on organized payroll before. Salary distribution has become simpler now.”
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