Small and medium business owners in India and around the world often find themselves spending more than 25 percent of their time on payroll compliances and HR operations. Tasks like creating payslips and managing employee data can be time-consuming and energy-draining. To address this issue, Kolkata-based startup Asanify was born. It is on a mission to simplify human resource management, payroll, and salary payments for small businesses.
Asanify offers a gamified and engaging platform that automates the entire employee lifecycle, making HR processes effortless. Its proprietary artificial intelligence (AI) platform allows employees to download payslips and apply for leaves directly through messaging platforms like WhatsApp and Slack.
The Inspiring Chapters did an in-depth study on the business model of Asanify. In this post, we have shared our insights on this innovative startup and why we believe their solutions can be game changer for small businesses.
Inception of Asanify
The inspiration behind building Asanify came from Founder and CEO Priyom Sarkar’s personal experience. Witnessing the struggles of his father, a small business owner, in manually managing payroll compliances, Priyom recognized the need for an automated and efficient solution for small businesses. With his financial expertise as a CFA and his experience at companies like PWC, Reliance Industries, and Viacom18, Priyom launched Asanify in 2019.
Asanify’s proprietary artificial intelligence (AI) platform empowers businesses to automate the entire employee lifecycle, from hiring to exit. This automation apart from saving huge time and energy, also minimizes the risk of human errors in compliance filings. Asanify handles essential compliances such as PF, ESI, and TDS, seamlessly filing them with the respective departments.
Unique Approach to Pricing, Impressive Clientele and Growth
Asanify works on a subscription-based pricing model, offering various packages to its clients. The pricing structure is extremely flexible. It starts from Rs 99 per employee per month. This makes Asanify accessible to startups and small businesses with varying requirements and budgets. This model not only provides predictable revenue for Asanify but also allows businesses to choose plans that best suit their needs.
Asanify has strategically partnered with chartered accountant and company secretary firms, tapping into their existing client base. These firms often handle accounting functions for small businesses, making them ideal channels to introduce Asanify’s platform. By providing Asanify as an add-on service, these CA and CS firms can expand their offerings and enhance client satisfaction.
Asanify’s laser focus on small and medium-sized enterprises (SMEs) and startups has proved to be a winning strategy. By catering to businesses with around 25 employees that lack dedicated HR or payroll departments, Asanify addresses a critical pain point in this segment. This targeted approach enables the startup to tailor its solutions precisely to the needs of its core customer base.
Presently, Asanify has a client base of over 1,000 startups and small businesses. It includes well-known names like Shuttl, Bombay Autism, Choksi Laboratories, Digital Kites, Plutomen, Cooper Standard, Propelld, and Khanal Foods, Asanify has quickly gained recognition in the market. The startup has participated in YC Startup School and the NASSCOM 10,000 Startups Virtual Incubation program. Additionally, it has been officially recognized as an MSME from Udyog Aadhaar.
The startup has witnessed remarkable growth since its inception. Even during the global pandemic crisis, Asanify was successful in expanding its customer base by more than 50 percent.
Competitive Edge and Future Plans of Asanify
Asanify’s scalable platform is designed to accommodate the growth of its clients. As businesses expand and hire more employees, Asanify can effortlessly adapt to their changing requirements. The absence of lock-in contracts allows customers to cancel their subscriptions at any time. By offering them the freedom and flexibility they need, Asanify has gained significant trust amongst its customers.
Differentiating itself from competitors like Zimyo, Greythr, Zoho People, and BambooHR, Asanify’s strength lies in its simplicity and user-friendliness. The startup plans to introduce financial products, making it easier for businesses to offer medical insurance to their employees.
Asanify’s rapid growth trajectory showcases the effectiveness of its business model. The startup’s strong customer retention rate and exponential month-on-month growth are indicative of its bright future prospects.
With Asanify’s innovative approach and commitment to simplifying HR processes, it is well-positioned to revolutionize the way small businesses manage their human resources. This is also allowing entrepreneurs to focus on what truly matters—building and growing their businesses.
