SUMMARY
The $4 Mn Series A funding round was led by Insitor Partners
HROne will use the fund to build its tech platform and expand into new as well as existing markets
In the current fundraising, investment bank Radix Capital Advisors was the financial advisor to HROne
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HRtech startup HROne has raised $4 Mn in a Series A funding round led by Insitor Partners. Prudent Investment Managers has also participated in the funding round.
HROne will use the funds to build its tech platform and expand into new as well as existing markets. The startup will also deploy capital to introduce new offerings, hire talent and improve customer experience.
According to the startup, HROne will use the funds to scale its revenue by 10x in the next three years.
In the current fundraising, investment bank Radix Capital Advisors was the financial advisor to HROne.
“HROne is leveraging technology to drive a transformational impact on the formalization of the Indian blue-collar economy. The startup improves well-being, loyalty, and productivity of the workforce in the most capital-efficient, scalable, and sustainable way while helping organizations in their productivity and efficiency improvements,” said Nicholas Lazos, cofounder and CIO of Insitor Partners.
Founded in 2016 by Karan Jain, HROne is a cloud-based HR automation platform. It helps companies eliminate repetitive human resource (HR) tasks. It claims to automate over 80 human resource processes.
HROne said that its interface called InboxForHR enables human resource professionals to perform over 125 tasks. The said interface has helped the startup improve its product adoption and user experience.
“We are excited and supercharged with this series A funding from Insitor Partners and Prudent Investment Managers. We are in hyper growth phase of the Indian HRTech market, and we will expand into international markets in the near future. Grateful to our funding partners for recognizing the potential and backing our intent,” Jain said.
HROne claims to have scaled its revenue by 8x in the last three years. It further asserts that it is serving over 900 customers.
In the Indian HRtech space, it competes with the likes of inFeedo, Darwinbox and SalaryBox, among others.
According to a report, the global HRtech industry, which was pegged at $24.04 Bn in 2021, is likely to become a $35.68 Bn market by 2028. The industry will grow at a CAGR of 5.8% between 2021 and 2028.
Meanwhile, in 2021, the Indian HRtech market captured $3.6 Bn of the global market.
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