Prime Venture backs payroll management business NiYo

Prime Venture Partners has invested $1m in fintech startup NiYo Solutions, boasting a novel product which could trigger an instant pay rise for 10 million Indian employees.

The banking-grade payroll management product, which the company has already piloted at various companies, is due to hit the market shortly.

NiYo will release the solution in partnership with local banks enabling over 100,000 HR executives to apply a 10 per cent boost in average salaries.

Sanjay Swamy, managing partner at Prime, said, “At Prime, our focus is to back great entrepreneurs with category-creating companies.

“Vinay and Viren have an audacious goal of giving 30 million salaried workers in India a needle-moving increase in cash flow and liquidity.

“The combination of smartphone penetration and IndiaStack (Aadhaar, UPI, etcetera) makes the timing right for NiYO’s patent-pending innovations to come to market.

“The initial response has been very encouraging and we’re indeed excited to be part of this journey.”

Bangalore-based NiYo was founded by Vinay Bagri and Virender Bisht. Bagri is a financial services sector veteran with 18 years of experience at diverse organisations including Parle, 3M, ICICI Bank, SCB, ING and Kotak Mahindra Bank.

Software expert Bisht has spent the past 16 years in senior technology executive roles in startups and global organisations like MobiKwik, Makemytrip (MMYT),, Exponential, GE Medical Systems and Tata Consultancy Services.

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