Bengaluru-based PensionBox, India’s first digital pension software and a member of the 100X.VC Class 06 portfolio, has secured US $160,000 from investors including Kishore Ganji, Keynote India, Aprameya Radhakrishna, SAT Industry, and others. PensionBox has created a digital pension app that digitalizes pensions and allows millions of people to plan for their retirement with the correct pension. Users may design their own customised digital pension plan in minutes, manage their pension savings, and contribute and withdraw money from their pension online. PensionBox wants to employ a strong team and expand its product quicker in the next months with the cash received, backed by 100X.VC and other prominent angel investors, to lead the way in the Indian pension business.
“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. Kuldeep and Shivam’s belief in a digital, personalised and flexible solution pension, and PensionBox’s vision of ‘reimagining pension for the 21st century’ to ensure a secure future beyond employment struck a perfect chord with us,” Ganji, Founder of Astir VC, Angel Investor & Board Member at Hyderabad Angels, said.
“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,” Ninad Karpe, Partner, 100X.VC, added.
PensionBox was founded in 2021 by two brothers, Kuldeep Parashar and Shivam Parashar when they began preparing for their parents’ retirement amid the epidemic. They noticed a vacuum in the Indian market where tracking one’s pension is tough. They discovered that they were not alone when they looked into it more; millions of Indians do not have a retirement or pension plan in place.
