Kolkata-based startup Asanify simplifies payroll compliances and HR operations for SMBs
January 20th, 2020: Asanify, a Kolkata-based startup, founded by Priyom Sarkar in 2019, not only helps to disburse salaries to employees but also deposits and files payroll compliances such as PF, ESI, and TDS. The startup also provides a proprietary artificial intelligence (AI) platform which empowers employees to download payslip and apply for leaves right on Whatsapp or Slack. It is a YC Startup School graduate startup and was selected for NASSCOM 10,000 Startups Virtual Incubation programme. Asanify has also been officially recognised as a startup from DIPP as an MSME from Udyog Aadhaar.
Asansify targets startup founders who are trying to grow their business, and do not wish to waste their time in non-core operations. It automates people processes, starting from hiring to onboarding, until their exit. Small and medium business owners, both nationally and internationally, lose more than 25 per cent of their time in payroll compliances and Human Resource (HR) operations. Activities like creating payslips and emailing them consume a huge amount of energy and time. This is where this startup comes in. The HR tech startup simplifies human resource management, payroll, and salary payments for small businesses by providing a gamified and engaging platform that automates employee lifecycle, and automatically files payroll compliances. Asanify provides its services to over 1,000 startups and small businesses, including Shuttl, Cooper Standard, Propelld, and Khanal Foods.
Asansify charges a monthly-subscription from its clients. “Unlike traditional software, we require no lock-in or long-term contracts. Our customers can cancel anytime,” he says. The startup’s packages start from Rs 99 per employee, per month. It claims to have a 100 per cent retention rate, and the customer base has grown by more than 50 per cent during the pandemic. Asanify is growing more than 100 per cent month-on-month. It is targeting about $1 million ARR by the end of this year. According to Grand View Research, the global HR management market was expected to be valued at $38.17 billion by 2027, recording a CAGR of 11.7 per cent between 2020 and 2027.
Thirty-seven-year-old Priyom is a CFA (level two), a BTech graduate from Jadavpur University, and an MBA from Indian School of Business. Priyom’s previous experience includes working with PWC and Reliance Industries Limited, where he helped launch Jio 4G and with Viacom18 as the AVP and Head - Growth and Innovation, International Sales. Priyom was part of the team that helped launch the video streaming platform Voot and scaled it to 100 million users.
“Small businesses typically outsource their accounting function to these CA and CS firms. By providing Asanify portal as an add-on, these small CA firms can complete their offerings beyond just tax filing or CFO services,” Priyom explains. These CA or CS firms also get a free subscription to Asanify for internal use – as these firms are small businesses themselves.
Asanify stands different from its competitors like Zimyo, Greythr, Zoho People, and BambooHR, among others with its simplicity and ease of use. However, Priyom says, “Our biggest competitor is Excel.” Going ahead, the HRtech startup plans to introduce financial products soon. “We want to make the process of buying medical insurance for employees as simple as buying a phone on Amazon,” Priyom says.
