Dealflow | July 10, 2019

NiYO raises $35 million to bank India’s blue collar workers

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, July 10 – Bangalore-based NiYO launched in 2015 to enable corporations to pay benefits and salaries to employees with digital accounts. Now, a key part of the company’s growth strategy is financial services for salaried blue collar workers, like managing payments and savings and accessing insurance products.

NiYO’s mobile app is available in eight languages and is also speech enabled, which makes its products more accessible for India’s diverse workforce. The company recently reached a one million user milestone and aims to reach five million people in the next three years. 

The company raised $35 million in Series A funding from India’s Horizons Ventures, China’s internet giant Tencent and JS Capital, the investment firm of Jonathan Soros, George Soros’ son.

The funding follows its Series A round last January, which was backed by Horizon and JS Capital alongside Social Capital, a values-based investment firm in California, and India’s Prime Venture Partners.