Total amount raised
$3.7 Millions
Latest funding date
03/01/2022
Location
Zimyo has successfully raised funds through multiple rounds, with the latest being a corporate round closed on March 3, 2022. The company is backed by 13 investors, including Forward Slash Capital and BetaPlus Capital.
Keep reading to explore the intricacies of Zimyo's fundraising journey and the investors backing this comprehensive HRMS platform.
What Is Zimyo?
Zimyo, founded on January 15, 2018, by Kumar Mayank, is a cloud-based HR-Tech platform headquartered in Gurgaon, Haryana, India. The company operates actively with a workforce of 101-250 employees.
Specializing in Human Resources, Information Technology, SaaS, and Software, Zimyo offers over 50 modules, including HRMS & Payroll management, Performance Management Software (PMS), and Applicant Tracking Software (ATS). The platform is trusted by over 2500 customers across various industries, such as IT, Manufacturing, BFSI, FMCG, and Logistics.
How Much Funding Has Zimyo Raised?
- Corporate Round
- Amount Raised: ₹170M
- Date: March 2022
- Lead Investors: Forward Slash Capital, BetaPlus Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Zimyo's growth, global expansion plans, and enhancement of its HRMS platform.
- Seed Round
- Amount Raised: $1.5M
- Date: September 2020
- Lead Investors: BEENEXT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Zimyo's team and further develop its technology to grow its business.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Zimyo's early-stage growth and product development.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: May 2019
- Lead Investors: GenNext Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and resources for business development.
Total Amount Raised: $1.5M + ₹170M
Current Valuation: Not publicly disclosed
Key Investors
- BEENEXT
- Details: BEENEXT is a venture capital firm that invests in early-stage technology companies. They led the seed funding round for Zimyo.
- Investment Focus Areas: Technology, Fintech, E-commerce
- Notable Investments: Carousell, Zilingo, Trusting Social
- GenNext Ventures
- Details: GenNext Ventures is a venture capital firm that supports innovative startups. They provided non-equity assistance to Zimyo.
- Investment Focus Areas: Technology, Healthcare, Consumer Products
- Notable Investments: Not publicly disclosed
- AngelList
- Details: AngelList is a platform that helps startups raise money from angel investors. They participated in Zimyo's seed funding round.
- Investment Focus Areas: Startups, Technology, Early-stage companies
- Notable Investments: Not publicly disclosed
- Yatra Angel Network (YAN)
- Details: Yatra Angel Network is an angel network that invests in early-stage startups. They participated in Zimyo's seed funding round.
- Investment Focus Areas: Startups, Technology, Early-stage companies
- Notable Investments: Not publicly disclosed
- Sayali Karanjkar
- Details: Sayali Karanjkar is the co-founder of PaySense and an angel investor. She participated in Zimyo's seed funding round and joined as a Board Advisor.
- Investment Focus Areas: Fintech, Startups, Technology
- Notable Investments: Not publicly disclosed
What's Next for Zimyo?
As Zimyo looks to the future, the opportunities are vast. The company aims to expand its SaaS platform and financial solutions to over 200 million SMB employees in India. This growth is fueled by the increasing adoption of HR technology, especially in the post-pandemic remote work environment. The human resource management market is projected to reach $38.17 billion by 2027, providing a significant opportunity for Zimyo to scale its operations and technology.
Future fundraising rounds are likely as Zimyo continues to grow. The successful seed funding round led by BEENEXT and the participation of notable investors like AngelList and Yatra Angel Network indicate strong investor confidence. This financial backing will be crucial as Zimyo seeks to onboard over 200,000 employees and enhance its technology offerings.
However, challenges lie ahead. The HR tech space is highly competitive, and scaling operations to meet the needs of a larger customer base will require continuous innovation. Additionally, maintaining high service quality and adapting to rapidly changing market conditions will be essential for sustained growth. With strategic planning and robust technology, Zimyo is well-positioned to navigate these challenges and capitalize on the opportunities ahead.
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