NiYO Solutions raises $13 million plans rapid expansion across the country

BENGALURU: Meal vouchers and employee benefits solutions provider NiYO Solutions has raised $13.2 million (about Rs 85 crore) in Series-A round from Social Capital; Israel-based JS Capital, which is the family office of Jonathan Soros, and Hong Kong-based venture capital firm Horizon Ventures.

The round also saw the participation of its existing investor Prime Venture Partners which had invested $1million in the company last year. The company has two major products, one for white collar employees while the second is a cheap savings banking product for blue collar workers.

"For white-collar workers the product is designed for saving taxes and we provide the entire stack of 11 tax saving products as per the IT Act," said Virender Bisht, cofounder at Ni-YO Solutions.


With the fresh funds the company plans to expand operations to 38 locations from five metro cities currently, along with developing new products and scaling up its technology platform.

It works closely with Yes Bank and DCB bank to offer these products to the employees and currently has a user baseof about 1,00,000.