Funding of $1.3 million secured for Pakistan's HR and payroll software service, Paismo
Paismo, a Lahore-based HR and payroll startup, has secured $1.3 million in a seed funding round, led by Indus Valley Capital, with Antler and Jedar Capital also participating. The funding will be used to develop and expand the company's software-as-a-service (SaaS) platform, aimed at addressing the challenges faced by businesses in Pakistan.
The platform offers localized features, making it an ideal solution for companies operating in the region. Paismo's cloud-based software provides insights and reports to aid organizations in making HR decisions, while automating HR tasks, payroll, and employee management.
Rebecka Zavaleta, co-founder and CEO of Paismo, brings a product background to the table, having previously worked at Google, TikTok, and Facebook. Usama Mahmud, co-founder of Paismo, has experience in driving large-scale public sector reform programs for the education sector in Pakistan.
Comprehensive HRMS Solution
Paismo's pricing and feature set make it a comprehensive HRMS solution, particularly suited for local companies looking for payroll automation combined with HR management capabilities. The platform offers three plans:
- Standard HR Tech plan at $2.49 per employee/month
- Automated Payroll plan at $3.99 per employee/month
- Enterprise plan with custom pricing tailored to specific needs
Key features across these plans include centralized HR records and profile management, automated payroll with local tax and compliance support, time and attendance tracking, an Applicant Tracking System (ATS) for recruitment workflows, performance management tools, an employee self-service portal, custom reports, dashboards, and audit-ready records, and integrations with accounting and third-party tools.
Paismo emphasizes strong automation to reduce manual errors, scalable plans for businesses from SMEs to enterprises, and biometric attendance device integration for precise timesheet recording. Enterprise-level plans may require onboarding support and involve multi-month contracts for heavy customization.
Partnerships and Expansion Plans
Paismo has recently signed partnerships with Adamjee Insurance, the largest general insurance company of Pakistan, and MCB Islamic Bank, a top local bank. These partnerships enable Paismo's clients to provide insurance and financial benefits to their employees.
The startup has plans to potentially expand into MENA and SEA regions, bringing its modern, easy, and affordable HR & payroll software to businesses across the globe. With its latest funding, Paismo is well-positioned to address the challenges companies face in building businesses, growing and retaining talent, hiring, delivering payroll, and improving business performance.
Aatif Awan, founder of Indus Valley Capital, sees the potential to build an incredible 'Made in Pakistan, for the World' SaaS product with Paismo. This investment is a testament to the growing potential of the Pakistani tech industry and the opportunities it presents for startups like Paismo.
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