TankhaPay, India’s pioneering social security app developed by Akal Information Systems Ltd., secures a substantial $2.7 million funding from prominent Japanese investors. This app addresses the crucial need for social security among informal, gig, and temporary workers by facilitating their inclusion in government schemes such as PF and ESI. TankhaPay formalizes payroll processes, ensuring the financial and social security of workers and extending social security benefits to them. With the funding, the company aims to expand the usage of TankhaPay across a broader market segment, encompassing workers from the informal sector who are eligible for government social security schemes.
In today’s gig economy, providing social security to informal and gig workers is of utmost importance. However, many companies face challenges in extending social security benefits to these workers due to their non-traditional employment status. TankhaPay bridges this gap by transforming gig-based compensations from multiple companies into formalized salaries, enabling the provision of PF and ESI to workers. Additionally, startups and small businesses that lack the resources to offer social security benefits and seek simplified payroll management for their workers can also benefit from using the TankhaPay app.
When asked about the company founders, “AKAL Information Systems Ltd. was founded by Mr. Sarabjit Singh and Ms. Sukhneet Kaur. Mr. Sarabjit Singh is an Engineering Graduate and has an executive MBA from IIM (Kozhikode). He is an incisive and strategic leader with 25+ years of experience. Ms. Sukhneet Kaur has a Masters Degree in Physics (Hons) from the University of Delhi with a penchant to train and manage Human Capital.”
AKAL means beyond time, and it reflects the company’s processes to deliver timeless service. TankhaPay is AKAL’s initiative to use cutting-edge technology to transform the way workers are employed, paid, and looked after.
“Launched in April 2023, TankhaPay is India’s first app that streamlines social security benefits for informal, gig, and temporary workers. Employers, including MSMEs, startups, and large platforms, can provide benefits like EPF (employee provident fund) and ESI (employee state insurance) to informal staff by using the app,” said the project leader from AKAL. She added further, “It is hassle-free to use, cost-effective, and a time-saving tool.”
She highlighted their latest achievement and said, “AKAL received 2.7 million USD in funding from four Japanese investors, including ALES Global Investment Partnership and ELAN Corporation. The investors want to expand TankhaPay’s scope and take it to the MSME and e-commerce platforms that employ large groups of informal workers in India. This will help millions of informal, GIG, and temporary workers become eligible to receive government benefits of EPF and ESIC. This is a great way for employers to showcase their social spirit and assist their informal workers to lead secure lives.