Bengaluru-based PensionBox, India’s first digital pension app and a 100X.VC Class 06 portfolio, has raised $160,000 from Kishore Ganji, Keynote India, Aprameya Radhakrishna, SAT Industry and others.
PensionBox has developed a digital pension app that digitises pensions and empowers millions to secure their retirement with the right pension. Users can create their personalised digital pension plan within minutes to track pension savings, contribute and withdraw pension online.
With the funds raised, backing from 100X.VC, and other marquee angel investors, PensionBox plans to hire a strong team and build its product faster in coming months to lead the way in the pension sector in India.
“Today, when digitisation has rapidly disrupted just about every aspect of our lives, pension remains a fairly legacy concept. Yet pension, in fact, largely determines life after retirement. Both proper guidance and a platform to take control of one's retirement aren't readily available as they should be,” said Kishore Ganji, Founder of Astir VC, Angel Investor & Board Member at Hyderabad Angels.
“PensionBox addresses a very important need for billions of Indians who do not have access to the right resources to make an informed choice and then continue to track their funds easily. At 100X.VC, it is truly heartening to see young India developing solutions for legacy systems and better serve the Indian workforce”, added Ninad Karpe, Partner, 100X.VC.
Founded in 2021 by two brothers, Kuldeep and Shivam Parashar, PensionBox was born when the duo started planning for their parent’s retirement during the pandemic. They observed there is a gap in the Indian market where it is difficult to track one’s pension. As they looked deeper, they realised that they were not alone in this; millions of Indians don’t have a retirement or pension plan in place.