India-based Fintech firm Tartan has secured funding to scale its business operaitons.
The investment round included contributions from 500 Global, InfoEdge Ventures, Naval Ravikant-supported AngelList Quant Fund, among other investors.
The company has acquired about $6 million in capital, to date. It intends to double its headcount to around 110 professionals, with a sharp focus on engineering roles.
Other investors that took part in the round reportedly include WorldQuant Ventures, Varanium GenNext Fund, 9Unicorns, Yatra Angel Network, Emphasis Ventures (EMVC) and Naveen Kukreja.
The firm’s management noted that they will use the proceeds from the round to further scale their operations, while expanding their engineering team and improving their product offerings.
Established in June of last year, Tartan provides a data API suite through which financial institutions are able to access their consumers’ payroll data with their consent to verify their income and employment status.
Tartan reveals that it aims to serve millions of employees and gig workers based in India, while its API requests have hit 150,000/month.
The firm’s product covers CTC breakdowns and KYC details of workers. It also covers deductions, PF contributions, attendance, as well as performance.
As reported by local sources, Tartan has introduced a worker benefits marketplace, known as Batik.
The platform is used by HRMS software solution providers and workers to provide accessible benefits to their employees at an affordable cost. Benefits via the platform include financial, health, and mental wellness options.
Via Batik, the firm aims to assist Fintech lending platform and other service providers with creating products like earned wage access, salary-based loans, credit card limit management services, and emergency funds and will deliver them to the workers via their employers.
Pramey Jain, CEO and co-Founder at Tartan, stated:
“Over the last year, rapid adoption of our product has exceeded our expectations as more and more ambitious businesses are choosing the right tools that allow them to build and launch their products for the key pillars of the economy, that is the workforce.”