UPES alumnus revolutionises retirement planning with PensionBox

  • Kama Choudhary
  • Published 06/02/2024
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PensionBox, a startup founded by UPES alumnus, offers an innovative pathway to securing financial independence for individuals in their golden years.

In a nation where the majority of non-government workers lack concrete pension plans, a Bengaluru-based startup is changing the game. This groundbreaking digital pension platform is on a mission to transform retirement planning for non-government workers in India. Meet PensionBox, founded in 2021 by Kuldeep Parashar, an alumnus of UPES.


Introducing the concept of digital pension or self-planned pension for non-government workers, PensionBox is India’s first digital pension platform which aims to customise pension planning for people according to their needs and specifications irrespective of their retirement age, location, or vocation.


Let’s delve into the story behind

The Genesis

The inspiration for PensionBox struck Kuldeep Parashar while he was developing a retirement plan for his parents. The realisation that millions of Indians were navigating their golden years without a reliable pension plan prompted Kuldeep to co-found PensionBox with his brother, Shivam Parashar. This marked the birth of India’s first digital pension platform, offering a tailored approach to retirement planning.

Unique Approach

PensionBox helps companies/employers create retirement benefits for their employees to help them plan their retirement better and ensure they are better ready for golden years. Kuldeep Parashar explains, “We offer companies the integration of existing retirement benefits with Corporate NPS, coupled with personalised retirement planning to improve the financial well-being of their teams. Our users can effortlessly create a customised pension plan within minutes, conveniently track existing pension savings in a few clicks, invest in government-regulated pension products for additional tax savings, and gain insights into the process of withdrawing pension savings.”


Support and Incubation

Kuldeep acknowledges the crucial role played by Runway, an incubation program established by UPES. With over 200 startups incubated, UCIE has proven to be a vital force in fostering innovative solutions across various industries, including Ed-tech, Social Impact, Healthcare, Biotech, D2C, Fintech, AI/ML, Fashion and Lifestyle, and Sustainability. The incubator program has also awarded grants to 37 innovative startups and is set to kickstart the next cohort.

Financial Backing and Future Plans

In December 2023, PensionBox made its debut on a startup reality series, “Mission Start Ab,” streaming on Amazon Prime Video. The company emerged as the top performer, securing funding of 2 crores from two notable judges and investors: Mr. Kunal Bahl, Founder of Titan Capital & Snapdeal, and Mr. Manish Chowdhary, Founder of WoW Skin Science.


In 2022, PensionBox has garnered $260K in pre-seed funding from notable investors, including 100x.VC, Kishore Ganji, Keynote India, Aprameya Radhakrishna, SAT Industry, and others. With these funds, the startup aims to build a robust team and expedite product development, positioning itself as a leader in India’s pension sector.

Vision for the Future

Kuldeep emphasises the importance of empowering individuals to plan for retirement and achieve financial independence. He envisions PensionBox as a solution to India’s impending retirement crisis, with an elderly population projected to reach 340 million by 2050 without adequate savings. The startup aims to make a significant impact by helping people retire comfortably or pursue their dreams earlier in life.

Scaling to every employer and employee in India

PensionBox has already gained over 1,60,000 lakh users with multiple HR tech partners and employers across India.

“At PensionBox, we are solving the great Indian retirement and pension problem for millions of Indian people. We believe our people can stay financially independent in their most vulnerable years (old age). We are doing it by joining hands with people who want to solve the problem with us as our co-creators,” Kuldeep proudly says.

PensionBox’s journey from a retirement plan for Kuldeep’s parents to a thriving startup is a testament to the need for innovative solutions in India’s private sector retirement landscape. With UPES’s support, financial backing from prominent investors, and a commitment to co-creation, PensionBox is poised to revolutionise retirement planning and empower millions of Indians to face their golden years with financial confidence.

Kama Choudhary
Kama Choudhary

The writer is a part of the UPES editorial team

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