Telecom Infra
NiYO raises Rs 85 crore
NEW DELHI: Bengaluru-based fintech startup NiYO Solutions said that it has raised $13.2 million ( Rs 85 crore) in Series A funding to drive the continued expansion of its payroll and benefits platform in India.
The investment was made by Social Capital, JS Capital LLc (the family office of Jonathan Soros), and Horizons Ventures with participation by existing investor, Prime Venture Partners. In total, the company has raised more than $14 million in venture capital.
Adding on to its continued growth and popularity among businesses across India, NiYO aims to serve 5000 organizations and over 1 million salaried employees by the end of 2018.
NiYO was launched in July 2016 as a pilot in Bangalore and has already clocked more than 500 corporates and is being used by over 100,000 salaried employees in these organisations, through its partnerships with YES Bank and DCB Bank. NiYO is a one-stop solution for all employee payouts; it’s solutions include salary accounts, meal cards, canteen solutions, corporate gift card, reimbursements account, international travel card and corporate credit cards.
With this fresh funding, NiYO plans to strengthen and expand its product suite for the salaried segment besides taking the product to tier 2 and 3 towns. The funding will also be used for further product development, team expansion and increasing presence in tier 1 cities. The addressable market is close to 75 million salaried employees in India who can benefit through a simple payroll & benefits solution which can increase the take home salaries and simplify financial planning & other banking needs.
Employee Payroll in India and around the world has traditionally seen very little innovation in the past several decades with banks hardly providing any differentiation to customers. This, coupled with inefficient, paper-driven processes mean that most employers and employees fail to take advantage of tax exemptions and other savings that the law provides for. Same holds true for investment and lending products for salaried class where the power of payroll is largely ignored in product design.
NiYO believes that it’s cutting edge technology and processes can combine the erstwhile unconnected worlds of Human Resources and Financial Services. The future is mobile and with support for disruptive platforms such as Aadhaar and the Unified Payment Interface (UPI), NiYO will enable its customers to simplify and control their banking, taxation & finance needs. All this while ensuring a transparent, compliant & efficient process for employers. NiYO has also filed multiple product & process patents in this space.
NiYO comprises of a corporate portal for salary disbursal, payroll card to receive salary and spend on ATM/POS/Online and a mobile app to track transactions and do basic banking functions like fund transfer etc. With eKYC and self-onboarding enabled on the NiYO app, users can easily access their account details and keep a tab on their expenditures and allowances digitally. It also has a capability to attach bill proof through mobile and also allow digital storage of bill and receipts on the cloud. The mobile app allows employees to review all card transactions as well as check balances in real time. While it helps the organizations to digitize the benefits and payroll process and be more compliant and transparent, it also provides employees a unique experience of a single card for all requirements. The solution does not require either the corporate or the employee to change bank accounts.
“These are exciting times at NiYO. We deeply believe that the rapidly growing number of salaried employees in India have not seen much innovation when it comes to their own payroll and benefits. They are mobile and app-savvy and very demanding. At NiYO, our core objective is to maximize employees’ effective salary by bringing innovations in payroll and benefits processes. Our aim is to optimize the product suite for employees in areas of taxation, lending and wealth. We have been fortunate to partner with JS Capital, Social Capital, Horizon Ventures and Prime – all of whom are top tier investors with deep fintech and operational expertise to take us to the next level,” said Vinay Bagri, CEO & Co-founder, NiYO.
“NiYO is digitizing the entire employee payroll and benefits value chain, making the process easier and more transparent for employers and employees alike. This is an area that hasn’t seen much innovation in the Indian technology ecosystem, despite the massive addressable market. We believe that India is on the brink of unprecedented consumer consumption, and that movement begins with infrastructure that manages people’s earnings in a reliable and modern way,” said Arjun Sethi, Partner, Social Capital.
“Payroll and benefits in India is highly underpenetrated with a complexity that has aspects that are unique to India. With a stellar team, and a technologically advanced and innovative product, NiYO has seen strong early traction. We are excited to be a part of their journey to address this massive market opportunity,” said Salil Seshadri, Chief Investment Officer, JS Capital Management, LLc..
“NiYO’s strong growth since its inception is testament to both the innovative nature as well as rapid customer adoption of their solution which addresses a massive opportunity – providing effortless and innovative solution to manage payroll and benefits, powered by mobile. The combination of SmartPhone penetration and IndiaStack makes the timing right for NiYO’s patent-pending innovations to come to market. We are privileged to be associated with this stellar team from the start of their journey and be part of their vision to disrupt the payroll landscape,” said Sanjay Swamy, Managing Partner, Prime Venture Partners.
NEW DELHI: Bharti Airtel, India’s telecommunications services provider, today announced the launch of its ultra-fast 5G services in 125 cities. Airtel 5G Plus service is now available to customers in over 265 cities in the country.
Airtel 5G Plus has three compelling advantages for customers. First, it runs on a technology that has the widest acceptance in the world with the most developed ecosystem. This ensures that all 5G smartphones in India seamlessly work on the Airtel network. Second, the company promises to deliver the best experience – between 20 to 30 times higher speeds than today coupled with brilliant voice experience and super-fast call connect. Finally, Airtel 5G Plus network will also be kinder to the environment with its special power reduction solution. Powered by the reliable Airtel network infrastructure, Airtel 5G Plus will provide superfast access to High-Definition video streaming, gaming, multiple chatting, instant uploading of photos et all.
Commenting on the launch, Randeep Sekhon, CTO, Bharti Airtel said, “5G has revolutionized the world of internet, ushering new era of connectivity and communications that will prove to be a game-changer for the country. At Airtel, we remain committed to delivering the highest quality of network and service to our customers as we roll-out 125 more cities today. Airtel was the first in the country to offer 5G services in October 2022, and today’s mega launch is our promise to connect every Airtel customer in the country with ultra-fast Airtel 5G Plus. Our 5G rollout is on track to cover all towns and key rural areas by March 2024.”
Airtel 5G Plus service availability will continue to rapidly expand – including service in all towns and villages in the country soon – as the company is working towards offering nationwide coverage. Airtel is now offering its 5G services in every major city from the upper northern city of Jammu to the southern tip of Kanyakumari.
In the last one year, Airtel has demonstrated the power of 5G with a host of powerful use cases that will change the way customers lead their lives and do business. From India’s first live 5G network in Hyderabad to India’s first private 5G network at the BOSCH facility in Bengaluru to partnering with Mahindra & Mahindra to make its Chakan manufacturing facility, India’s first 5G enabled auto manufacturing unit, Airtel has been at the forefront of 5G innovation.
NEW DELHI: Comviva, a global leader in customer experience and data monetization solutions today announced the launch of its 5G compatible Application Driven Network Platform, ADriN to offer a unified, simplified, secured experience to the B2B2X value chain of Digital Service Providers, Enterprises, Hyperscalers, application developers and the smart device ecosystem.
Comviva’s ADriN platform boasts dynamic capabilities that allow it to understand the behavior of connected devices in real-time. This enables the platform to orchestrate and deliver personalized, intent-driven experiences in a secured and controlled environment, regardless of the underlying experience providers – DSPs, Enterprises and Hyperscalers.
Excited at this development, Comviva CEO, Manoranjan (Mao) Mohapatra said, “At Comviva, we prioritize creating unique experiences for our customers’ end-users to remain relevant. Our commitment to deeper customer engagement and significant investments has led to the development of ADriN, a platform that simplifies the user experience in the untapped B2B2X segment. With new engagement models centered around ARR and Network-as-a-Service, ADriN is positioned to become a critical contributor to any experience provider’s top-line growth.”
ADriN simplifies the process of capturing and understanding the intentions of end customers of enterprises and digital service providers. It offers an easy-to-use interface that delivers a trusted and secure service experience. Using ADriN, intentions are captured and processed through machine learning applications across various devices, which in turn creates a real-time service catalogue. This enables networks and infrastructures to respond in a specific manner to ever-changing intentions.
This creates lucrative monetization opportunity for the custodians of the B2B2X value chain with the adoption of ARR models, such as Network-as-a-Service. The monetization opportunity is highly attributed to the intents captured from the end consumer’s devices or machines or interface through their simple native language. ADriN effectively processes and converts this intent into open call models and open APIs, which seamlessly integrate into the ecosystem. This orchestration results in a personalized experience for the consumer, without the need to worry about the network custodians they are connected to, be it G network or other networks.,
Speaking at the launch, Swapnil Shah, Vice President for 5G and Edge Business Group at Comviva said, “ADriN has received strong validation in recent time from niche ecosystem players like digital service providers, enterprises and hyperscalers. With the growing popularity of AI-based operations, ML-driven devices, and application developer communities, ADriN is poised to make a distinct impact on the B2X and B2B2X value chains in the coming years. The collaborative efforts of CAMARA, 5G PPP, ORAN, TIP, 5G ACIA, GSMA Op, ETSI, 3GPP, VEPP, and DSPs have also contributed to democratizing organic networks for developers, while government-driven initiatives have paved the way for an intent-driven future.”
ADriN utilizes an ecosystem agnostic platform approach to comprehensively understand the intention of devices. It dynamically creates policy configurations, marketplace operations, generates slices, and performs numerous other functions over a nimble service engine that seamlessly interacts with infrastructure, hyperscaler, and network functions. The platform is highly flexible, enabling it to meet the unique needs of diverse ecosystems.
NEW DELHI: Apple Inc has rolled out a beta programme to enable 5G on Apple devices as the upgrade lets users try out pre-release software.
This software upgrade enables 5G access on Apple devices, as and when service providers Jio, Airtel and Vodafone enable 5G network access, sources said.
Apple Users have to enrol for the Beta Programme on the website, install a profile and download the software.
Jio users using iPhone 12 and above, in cities where JioTrue5G has been rolled out, will be invited to the Jio Welcome Offer. Jio Welcome Offer provides unlimited 5G data at up to 1 Gbps speed to users at no additional cost. However, there is a condition that prepaid users must be on active Rs 239 and above plan. All Postpaid users are eligible for this trial.
Airtel is not providing any special 5G offer like Jio to their users. In the cities/areas in which the Airtel 5G network has been launched, users can trial 5G services as a part of their existing plan, once they have updated the latest Apple Beta software.
While an email sent to Apple did not solicit an immediate response, the firm had last month stated: “We are working with our carrier partners in India to bring the best 5G experience to iPhone users as soon as network validation and testing for quality and performance is completed. 5G will be enabled via a software update and will start rolling out to iPhone users in December”.
Airtel and Jio customers on iPhone 14, iPhone 13, iPhone 12 and iPhone SE (3rd generation) models can experience 5G as part of Apple’s iOS 16 Beta Software Program. The Apple Beta Software Program is open to anyone with a valid Apple ID who accepts the Apple Beta Software Program Agreement during the sign-up process.
If a user has an iCloud account, that is an Apple ID, it is recommended they use that. If they do not have an iCloud account or any other Apple ID, they can create one.
Customers who want to try the beta software should back up their iPhones before installing the beta software. It is recommended to install the beta software only on non-production devices that are not business-critical. Users can also provide feedback to Apple on quality and usability, which helps Apple identify issues, fix them, and make Apple software even better.
The iOS beta comes with the built-in Feedback Assistant app, which can be opened from the Home screen on the iPhone or iPad or from the Dock on the Mac.
Source: Press Trust of India
