Zeo Fin Technology Pvt. Ltd, which operated fintech startup Jify, has raised $10 million (around Rs 80 crore) in a Series A round, led by Accel and Nexus Venture Partners.
The fresh capital will be used to strengthen its fintech product offering, and ramp up customer acquisition across sectors and cities while aiming to increase adoption among the workforce, the company said in a press statement.
Founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan and Aditya Mehta, the company is an earned wage access and employee financial benefit platform. The start-up partners with companies to enable employees to access their earned salary on-demand.
“This round of 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 for both employers and employees. The funding will also help us to enhance our client acquisition capabilities,” said Anusha Ramakrishnan, co-founder, COO, Jify.
Jify aims to solve liquidity mismatch across blue-collar, grey-collar and white-collar workers, for many of whom this is a recurring need.
The company said approximately 70% of India’s over 450 million workforce lives paycheck-to-paycheck, and, as a result, resorts to high-cost emergency credit or payday loans, with high-interest charges upward of 35%.
Jify was also part of Accel’s Atoms programme where it was one of 14 selected startups to receive pre-seed funding in startups.
“Jify creates a win-win for the Indian workforce who can better manage cash flow and savings, and for employers who can offer a critical benefit and reduce attrition. Accel has known the Jify team since they had raised pre-seed via the Atoms program,” Manasi Shah, Investor and Vice-President, Accel said.
Anand Datta, Principal Nexus Venture Partners said that currently there is a gap in the consumer finance space as most professionals are either misinformed or uninformed of the basics of their financial wellness stemming from a lack of financial products. Jify’s founders have created this user-friendly fintech platform to cater to that very gap with practical solutions.