Zimyo Consulting Pvt. Ltd, which operates an eponymous human resources-technology startup, has raised $1.5 million (about Rs 11 crore at current exchange rates) in a seed funding round.
Early-stage venture capital firm Beenext led the funding round, the company said in a statement.
Other participants in this round include Yatra Angel Network and AngelList, as well as angel investors such as Abhishant Pant and Navin Surya.
The startup will use the capital it has raised to strengthen its team, enhance its technological infrastructure and expand its business.
This is the latest bet on an Indian company by the Singapore-based Beenext, which makes investments across the seed and Series A stages. Other Indian companies it has backed this year include education-technology startup Terra.do and climate analytics firm Blue Sky Analytics.
Zimyo was founded in 2018 by Kumar Mayank and Ajay Kadyan. Mayank is an Indian Institute of Management-Lucknow alumnus and worked as an assistant vice president at Equitas Small Finance Bank before starting Zimyo, his LinkedIn profile shows. Kadyan is a graduate of Maharshi Dayanand University and has worked with firms including AuthBridge Research Services and Quail Technology Pvt. Ltd.
According to its website, Zimyo provides an end-to-end HR management suite. The platform offers features such as talent acquisition, employee self-service, payroll administration, performance monitoring and expense recording.
The company also operates a financial marketplace over its payroll-led credit engine, which it says allows small and medium businesses to provide incentives and benefits to be able to acquire and retain talent.
There are a few startups operating in the human resources and performance management space in the country. In August last year, for example, Talview Inc. raised $6.75 million in a Series A round of funding from Storm Ventures, Inventus Capital, Eileses Capital and Emergent Ventures.
In June, Kredily raised $750,000 in a seed funding round led by Fosun RZ Capital, an affiliate of Chinese conglomerate Fosun Group. Also that month, software-as-a-service-based Dockabl raised $1.26 million in a pre-Series A exercise from a clutch of investors.