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Zimyo is a one-stop solution to all HR needs that helps organizations build a 2X more productive, engaged, and satisfied workforce. It provides cloud-based HR solutions to businesses of all sizes. It offers comprehensive smart HR solutions – Payroll and Expense Management, Performance Management System, Employee Engagement, Employee Benefits, Time and Attendance, and Onboarding and Recruitment solutions.
In just 3 years since its inception in 2018, Zimyo is serving more than 500 organizations with 100,000+ active users! StartupTalky interviewed the Co-founder of Zimyo, Mr, Ajay Kadyan to know the startup story of Zimyo. In this article, you'll get an insight into how Zimyo was started, its business model, founders' profile, and more.
Zimyo - Company Highlights
|Founders||Ajay Kadyan, Kumar Mayank|
About Zimyo and Its USP
Incepted in 2018, Zimyo is one of the fastest-growing unified HCM platforms in the HR tech space that automates tedious HR processes, eliminates payroll errors, and enhances employee experiences. It is a one-stop solution to all HR needs that helps organizations build a 2X more productive, engaged, and satisfied workforce. Furthermore, its intuitive HR solutions help employer organizations to drive improved data-driven decision-making and get better business outcomes.
Zimyo is a one-of-a-kind platform that uses smart technology to provide smarter experiences. The company’s philosophy is purely inclined towards a human-centric design that leverages the power of Artificial intelligence and Machine Learning to build highly efficient products. The platform boasts a voice-user interface to simplify complex tasks using speech to enhance user experience.
The platform features a broad spectrum of modules (over 40+) to offer flexibility to its users. Around 95 percent of Zimyo’s partners find it the easiest platform to switch and set up their complex processes in no time. Further, the platform processes the entire payroll in less than 2 minutes for over 1000 employees in just 3 easy clicks. Its robust analytics-driven employee intelligence system increases team retention by 3X and enables leaders proactively with the power of on-demand data and insights to make quick and informed decisions.
Zimyo’s embedded finance solution enables employee-centric organizations to offer a one-of-a-kind employee engagement experience with benefits like advance salary, employee loans, insurance, and investments. With this solution, Zimyo intends to make financial services more accessible for employees across SMBs. This can help companies attract and retain customers while providing hassle-free financial services.
The Backstory of Zimyo - How it Started?
Kumar Mayank, CEO of Zimyo, has a background in microfinance. It is during his stint with the industry that he realized the absence of “formal credit” for employees. These employees who worked all their lives in factories with a PF account and investments to show had no bank willing to lend them credit when they needed it. Kumar analyzed this gap and decided to create a way to make credit easily accessible to these employees.
There was a need for identifying the mechanism of establishing if there was actual salary transferred, which brought the HR and Payroll of an organization into the picture. That’s how the journey began as Zimyo started an innovation drive that merged FinTech with HRTech from an employee-first perspective.
Along with co-founder Ajay Kadan, who has extensive experience of over 10 years in product development, system architecture, and data analytics, Zimyo plans to bridge the gap between the credit market and SMB employees with their innovative solutions.
Founders of Zimyo
Ajay Kadyan and Kumar Mayank (CEO) are the founders of Zimyo.
Ajay Kadyan | Co-founder, Zimyo
Ajay has extensive experience of over 10 years in product development, system architecture, and data analytics. He has helped several organizations in the HR Tech, EdTech, and E-commerce space to build robust products. With his strategic leadership skills and critical thinking, Ajay has successfully built a highly efficient and collaborative team.
Presently, Ajay works as the Co-Founder of Zimyo and spearheads the business with his deep comprehensive industry knowledge. He is currently focused on positioning Zimyo as one of the most preferred brands in the HR tech space. Besides, he works closely with the marketing team to improve Zimyo’s brand visibility and outreach. In addition to this, Zimyo has also joined forces with the sales team to increase client acquisition and improve conversion rate, while working closely with the product team to strengthen the product portfolio.
With his technical and functional knowledge, Ajay envisions empowering leaders and organizations across the world to offer true ‘employee experience’ to their employees, help them get the best out of their workforce, drive higher engagement, and build a differentiating human capital advantage.
Kumar Mayank | Co-founder & CEO, Zimyo
Kumar Myanak's role as Zimyo's Founder involves connecting with growth-focused organizations and helping them build a great organizational culture with the help of Zimyo's product suite. He did his BA Hons in Economics from Delhi University and is an alum of IIM - Lucknow. Before starting Zimyo, Kumar Mayank was associated with well-known companies like Equitas Small Finance Bank, ING Vyasa Bank, and Janalakshmi Financial Services.
With an extensive background in Microfinance, Kumar realized the lack of "formal credit" for employees. These Employees who worked in factories for their entire lives with PF accounts and investments to show for their work could not get credit from banks when needed. Kumar studied this gap and devised a way to make credit easily accessible to these employees.
Zimyo - Business Model and Revenue Model
Zimyo provides cloud-based HR solutions to businesses of all sizes. It offers comprehensive smart HR solutions – Payroll and Expense Management, Performance Management System, Employee Engagement, Employee Benefits, Time and Attendance, and Onboarding and Recruitment solutions. The platform charges a monthly fee from employers based on their needs and the number of employees. The basic package starts from INR 5999/PM/100 employees that can be customized as per their employer’s needs.
From the HR tech space, Zimyo has also entered into the embedded finance segment. It has extended its services to offer employee beneﬁts, tax-saving solutions, retirement plans, and financial assessments. Besides this, the platform has also integrated with other job portals to ensure an efficient hiring process.
In such a short span, the platform has onboarded prominent clients with Zimyo including Bajaj Capital, Hillson Shoes, 88 Pictures, iMocha, Yethi, M2P, TheData Team, Fleetx, Riskcovry, and many among others. Apart from this, Zimyo’s direct integration with other job portals makes the hiring processes more efficient by eliminating the need for manual data entry on multiple sites and removing the need to check back in on job posts.
Employee Culture @ Zimyo
Given the exacerbating impact of the COVID-19 pandemic, physical & mental wellness, financial stability and job security have become top concerns for employees. To handle the crisis well, Zimyo is bringing employee wellness to the forefront. Being a people-centric company, Zimyo is emphasizing on “Employee First” culture by adopting policies such as group health insurance, reimbursement for COVID vaccinations, paid leave for vaccinations, paid medical leave for COVID positive employees, mental wellness & engagement sessions, and additional insurance cover for oxygen concentrators & medical emergency.
In addition to this, Zimyo also supports its partner organizations in building a positive and productive work culture. It has partnered with various integrators to provide Benefits such as Insurance, Tax Saving Investment Options, Wealth Management Solutions, Expense/Credit Cards, and much more.
Growth of Zimyo
Currently, Zimyo is serving more than 500 organizations with 100,000+ active users. Along with HRMS & other modules, Zimyo’s ‘Benefits’ module has also seen a high user adoption rate. A bunch of Zimyo’s existing partners have opted for Zimyo benefits and are very happy with the offerings under this newly launched module.
It has also designed a bilingual mobile app to further ensure a seamless employee experience. The platform has received avg. 4.2+ ratings from its users on various platforms. Recently, Zimyo has been also recognized by G2 as a “High Performer” in the HRMS, Payroll, and Time & Attendance Software categories – earning a total of 7 accolades.
In such a short span, the platform has onboarded prominent clients with Zimyo including Bajaj Capital, Hillson Shoes, 88 Pictures, iMocha, Yethi, M2P, TheData Team, Fleetx, Riskcovry, and many among others.
Zimyo - FAQs
What is Zimyo?
Zimyo is one of the fastest-growing unified HCM platforms in the HR tech space that automates tedious HR processes, eliminates payroll errors, and enhances employee experiences.
Who are the founders of Zimyo?
Ajay Kadyan and Kumar Mayank (CEO) are the founders of Zimyo.
How Zimyo makes money?
Zimyo provides cloud-based HR solutions to businesses of all sizes. The platform charges a monthly fee from employers based on their needs and the number of employees. The basic package starts from INR 5999/PM/100 employees that can be customized as per their employer’s needs.
When was Zimyo started?
Zimyo was launched in 2018.
How much funding has Zimyo raised?
Zimyo raised seed funding of $1.5 million led by BEENEXT in September 2020.