Jellybean, an Indian startup specialising in tailored employee benefits and rewards administration, has secured $350,000 in a preliminary funding phase. The funding will be utilised to strengthen the company’s product chain and facilitate expansion in terms of new offerings.
The offerings will include a range of benefits ranging from health insurance and tax benefits to wellness and fringe benefits, as well as one-time rewards.
The investment was spearheaded by a group of backers, notably Paradigm Shift Capital and Sunn91 Ventures, and also involved MarsShot Ventures, co-founders, Razorpay, Vaibhav Vardhan, Saurabh Nigam VP-human capital, Omidyar Network and Sumanth Narayanan, business head, Akamai India.
The startup founded in 2022, aims at transforming the way organisations design, manage and streamline employee benefits to cater the multigenerational workforce. Moreover, the platform offers a unique solution that allows companies to provide employees with personalised choices, eliminating administrative hassles.
Jellybean’s marketplace empowers workers to select benefits that match their individual requirements. The platform offers over 100 benefits across various categories such as health, fitness, mental wellness, learning and development, lifestyle and entertainment, food and beverages, commute, and pet care.
Naren Krishna, co-founder and CEO, Jellybean, expressed his excitement on the funding. Along with exploration of fresh offerings, the platform will also utilise the fresh capital to harness AI to amplify its personalised features. “Our objective is to tackle the hurdles corporations encounter while furnishing employee benefits to a varied, multi-generational workforce. Our goal revolves around rendering employee benefits more comprehensive and impactful, achieved through flexibility, tailoring, and customisation choices,” he added.
Offering her insights on the investment, Surabhi Washishth, founding partner, Paradigm Shift Capital, remarked on how Jellybean’s approach of tailoring perks and benefits is creating a seamless experience for the diverse and multi-generational workforce. In her own words, “Today’s day and age, a one-size-fits-all mentality does not work in attracting and retaining great talent, and Jellybean solves exactly that.”
