Thursday, February 22, 2024
HomeInsightFunding Alert TankhaPay Secures 2.7 Mn USD Funding from Japanese Investors

[Funding alert] TankhaPay Secures 2.7 Mn USD Funding from Japanese Investors

Akal Information Systems Ltd.'s "TankhaPay," social security app, secured 2.7 million USD in funding from renowned Japanese investors. By formalising their payroll and providing them with social security benefits, this software enables companies to include their gig and temporary workers in the government's PF and ESI programmes, ensuring their financial and social security.

Akal Information Systems Ltd.’s “TankhaPay,” social security app, secured 2.7 million USD in funding from renowned Japanese investors. By formalising their payroll and providing them with social security benefits, this software enables companies to include their gig and temporary workers in the government’s PF and ESI programmes, ensuring their financial and social security.

The business wants to encourage the use of TankhaPay in a larger market area. Under government social security benefit programmes, the TankhaPay app provides coverage for all workers in the informal sector.

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TankhaPay is AKAL’s initiative to use cutting-edge technology to transform the way workers are employed, paid, and looked after.

“AKAL Information Systems Ltd. was founded by Mr. Sarabjit Singh and Ms. Sukhneet Kaur. Mr. Sarabjit Singh is an Engineering Graduate and has an executive MBA from IIM (Kozhikode). He is an incisive and strategic leader with 25+ years of experience. Ms. Sukhneet Kaur has a Masters Degree in Physics (Hons) from the University of Delhi with a penchant to train and manage Human Capital.”

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Mr. Sarabjit Singh spoke about the TankhaPay app and how he is delighted to work with investors in promoting social responsibility among MSMEs, large e-commerce platforms, and other sectors employing informal workers. He said, “During the COVID-19 pandemic, informal workers were the largest group impacted and migrated back to their hometowns and businesses suffered losses due to a lack of manpower.”

About TankhaPay App

Launched in April 2023, TankhaPay is India’s first app that streamlines social security benefits for informal, gig, and temporary workers. Employers, including MSMEs, startups, and large platforms, can provide benefits like EPF (employee provident fund) and ESI (employee state insurance) to informal staff by using the app.

Read also – [Funding alert] D2C startup French Crown Secures Rs 8.6 Cr From Velocity

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