Jify, an employee benefits startup, has raised $10m in funding to scale up its offering in the Indian market.
According to a report from The Economic Times, the round saw backing from Accel and Nexus Venture Partners.
Founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan, and Aditya Mehta, Jify aims to enable employees to access their earned salary on-demand in real-time and at zero cost.
The company provides a platform to its partner companies. Employees at those companies can log into the platform, view their accrued income and withdraw a portion of their salary for the days worked.
Jify claims this avoids employees having to turn to payday loans.
Additionally, Jify also offers ‘smart spend’ and ‘smart save’ tools to help employees track their spending, set practical saving goals, facilitate smart budgeting, and access to simplified financial advice on the Jify app, accompanied by its digital card.
Ramakrishnan said, “This funding will provide Jify with the capabilities to scale within the Indian market. We will be able to build our teams nationally, offer the best in technology and create an innovative product experience. It will also help us to enhance our client acquisition capabilities.”
Earlier this week, Ben, an employee benefits platform, secured $16m from a Series A funding round headed by Atomico.
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