Bengaluru-based HRtech startup greytHR has raised INR 51.8 Cr in a fresh round of investment. The funding round has been led by Sanjeev Bikhchandani-led Info Edge along with MegaDelta Capital through Millenna FVCI III Ltd.
greytHR has issued 6,20,000 Series D compulsory convertible debentures to its existing investor Info Edge and Millenna Capital.
The investment comes almost two years after Greytip Software Private Limited, which operates GreytHR raised INR 34.5 Cr in a Series C round from Info Edge along with MegaDelta Capital.
Greytip Software is a people management software company serving SMEs. Started almost two decades ago, Greytip has offered its HR and Payroll solutions to traditional companies such as Hindustan Unilever. The company launched its flagship product greytHR — a cloud-based HR and Payroll automation tool.
The company claims that greytHR automates processes in areas such as HR, payroll management, leave and attendance tracking. As per greytHR’s website, it has served more than 10,000 customers and is managing around 1.3 Mn user records daily.
greytHR is headed by Girish Rowjee (cofounder and CEO), and Sayeed Anjum ( cofounder and CTO). It competes against the likes of bootstrapped unicorn Zoho’s Zoho People, newly NASDAQ-listed Freshworks, Darwinbox, Advantage Club, Binny Bansal acquired Dockabl among others.
According to a Fortune Business Insights report, the global human resources technology market is anticipated to grow from $24.04 Bn in 2021 to $35.6 Bn in 2038.
“Digital transformation is likely to disrupt industries post the COVID-19 crisis. The rapidly changing market dynamics of business models have forced HR teams to adopt new ways to respond to the needs of the workforce,” the report highlighted.
Info Edge, one of India’s early internet companies, operates one of the country’s largest job classifieds Naukri.com has announced that it has further invested INR 14 Cr in HR SaaS platform Zwaynam. In July, Info Edge had acquired 100% of the share capital of Zwayam Digital Pvt Ltd for a value of INR 61 Cr. Recently,