# Refyne Tech Private

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/refyne-tech-private

- Industry: Financial Services
- Headquarters: Bangalore, India
- Website: www.refyne.co.in
- Total disclosed funding: $102M
- Latest round: Series B (Jan 11, 2022)
- Investors on record: 7

## About

Refyne Tech Private Limited specializes in providing financial wellness solutions to enhance employee financial health in India, focusing on innovative services like Salary On-Demand and personal finance education.Founded in 2020 in Bangalore, India, Refyne Tech Private Limited offers financial wellness services aimed at improving employee financial health. The company has recently pivoted to enhance its offerings, including a focus on Salary On-Demand solutions. Chitresh Sharma, co-founder and CEO, has been pivotal in guiding the company's strategic direction. Refyne has successfully raised USD 82 mn in its Series B funding round on January 11, 2022, led by Tiger Global Management, with participation from DST Global and other investors. The total amount raised by the company stands at USD 82 mn from three deals.Refyne offers a comprehensive financial wellness suite designed to enhance the financial health of employees in India. At its core, the suite includes the Salary On-Demand feature, which allows employees to access a portion of their earned salary before the official payday, addressing common financial challenges such as mid-month cash shortages and unexpected expenses. The platform further extends to educational resources aimed at improving personal finance literacy through tools like Money Guru, which simplifies complex financial concepts. Additionally, Refyne provides short-term loan options after eligibility checks and a proprietary employee purchase program, the Refyne Privilege Club, which offers discounts on select products. The company primarily serves the Indian workforce but aims to expand its reach across Asia, currently supporting over 500 corporations and impacting more than 8 million employees.Refyne generates revenue through a transaction-based model integrated within its financial wellness offerings. The Salary On-Demand service incurs a small convenience fee based on the amount accessed, while larger loans may involve additional handling and documentation charges. The repayment process for short-term withdrawals is automated, with deductions directly reflected in the payroll of participating organizations, ensuring transparency for both employers and employees. This B2B model enhances employee retention and satisfaction while providing employers with a seamless integration experience into their existing HRMS systems. In the most recent year, Refyne reported a revenue of USD 3,849,929.80 and an EBITDA of USD -5,877,346.60 in 2023.Refyne Tech Private Limited plans to utilize the recently raised USD 82 mn in Series B funding to scale its operations and expand into new geographic markets. The company aims to develop additional products and increase awareness of its services while hiring more personnel to support its current team of 85 employees. The expansion strategy includes targeting various Asian markets, with specific timelines for operational growth remaining to be outlined. Recent funding will support these initiatives, enabling Refyne to enhance its product offerings and market presence.

## Funding rounds

- Series B, Jan 11, 2022, $82M — Tiger Global Management, DST Global, QED Investors, RTP Global, XYZ Ventures, Launchbay Capital, Repeat VC
- Series A, Jun 9, 2021, $16M — DST Global, QED Investors, RTP Global, XYZ Ventures, Repeat VC
- Seed, Dec 1, 2020, $4.1M — QED Investors, XYZ Ventures, Repeat VC

## Investors

- QED Investors (https://capitalatlas.ai/funds/qed-investors) — Seed, Series A, Series B
- XYZ Ventures (https://capitalatlas.ai/funds/xyz-ventures) — Seed, Series A, Series B
- Repeat VC (https://capitalatlas.ai/funds/repeat-vc) — Seed, Series A, Series B
- DST Global (https://capitalatlas.ai/funds/dst-global) — Series A, Series B
- RTP Global (https://capitalatlas.ai/funds/rtp-global) — Series A, Series B
- Tiger Global Management (https://capitalatlas.ai/funds/tiger-global-management) — Series B
- Launchbay Capital (https://capitalatlas.ai/funds/launchbay-capital) — Series B