Payreview[how this new startup is helping employees in determining Salaries in 2023]
what is Payreview?
Payreview is a digital on-cloud platform for compensation and benefits that is founded in the year 2017 by Anuraag Srivastav who is the chief business officer. It provides sophisticated tools and services that provide employees with what their salary should be and how they will be provided with that salary. It helps organizations to decide what should be the employee’s salary and how to determine the salary of the employees.
|Revenue Model||b2b, Subscription|
How did it start?
From the initial stages, Anuraag wanted to help employees because initially a lot of employees at that time were struggling with Excel sheets, they were maintaining Excel sheets in order to organize and understand what is the salary and where expenditure is happening from time to time.
The founder realized that there should be one sophisticated type of structure or an organization that would help the employees to maintain their salary and where their expenditure is happening again and again.
This Gurgaon-based startup then came into being when Anuraag realized that this is his ultimate motive, he quit his job and started with this HR tech company.
Before launching, the founders put all their efforts in order to create an idea of what the company should look like and what the start-up is all about. So a lot of effort was given to creatives and prototypes.
“Our 80% clients are from India and there are some of the clients who are from South East Asia,” says Anuraag.
Here is a Quick overview of Payreview
Initially, this HR-based startup was on the bootstrap level. The founders and the other people who decided to ideate have invested their personal savings. The founder also asked for funds from their friends and families.
There was no investor pressure as initially so the company had a great starting point.
Rich analytics helps management to keep track of multiple merits, and equity plans with a number of rows and different budgets.
Allows HR to efficiently use budgets to recognize top performers while sticking to compensation strategies.
Helps to align rewards directly with the performance of employees and make employees feel appreciated.
Initially, this HR Tech startup had zero sales, which means they did not get that much revenue. Now the company is having a hundred percent growth rate every year which is very encouraging and positive for them.
‘I would like to say that our company is doing great and much better than we expected’ says Anuraag.
The headcount of this duo-founded start-up is 6+ in 2023.
This Gurgaon-based start-up is targeting the Indian market and organizations in the Indian market that have about 500 and more employees. Within six months, the startup is also planning to go global as well and to make sure that 20% of the total consumers and customers are from outside India. So the main target companies are from Singapore, Germany, and other East Asia regions.
“Surprisingly, I mean competition is Excel and spreadsheet”, says Anuraag.
When it comes to the business-to-business type of model it became very difficult to penetrate the market, initially around six months it took a lot of energy and effort in order to think about the strategies for how to actually introduce themselves as a company to the market.
“It’s a long journey, so I realize that if we have to go to the market then we have to partner with other HR technologies who have worked in the Segment so that we can get solutions for the initial challenges that we are facing,” says Mr.Srivastav.
This Gurugram-based startup has the likes of Paytm, Raymond, Pharm easy, Tatacliq, Hyundai, suburban, WNS, JSW, Tata Steel, quick heal, Swiggy, TVS, Mahindra Logistics, Max life insurance, Manipal, EMcure, Golden source, Strides, Sonata, etc as its esteemed clients.
This duo-founded start-up has half a million user base. It is planning to expand to a 2 to 3 Million, user base in the next coming year.
This HR tech-based startup has been acquired by the Peoplestrong group.
Anuraag Srivastav, the CEO, has a human resource background and has been working for 10 years for companies like Videocon.
Dinesh Gadge, CTO, has his bachelor’s in computer science from IIT Bombay and has done a Master’s from IIM Bangalore.
Awards & Accolades
“We have achieved a lot of awards from the global front and Indian fronts. we have also been recognized by a lot of news consultancies that say that we have a very global approach” says Mr.Srivastav
who is the CEO of Payreview?