The startup will further tap into InCred’s extensive network and add resources to its platform to strengthen position in the HRtech space
TeamNest will utilise the funding proceeds to expand presence and develop its product offerings
The development comes two months after InCred acquired wealth management platform Orowealth in an all-cash deal
Fintech startup InCred Capital has acquired a 20% stake in the HRtech startup TeamNest. Although the deal amount is not disclosed by the startup, it revealed that the acquisition investment is part of TeamNest’s Series A funding round.
TeamNest will utilise the funding proceeds to expand presence and develop its product offerings. It will further tap into InCred’s extensive network and add resources to its platform to strengthen its position in the HRtech space.
The development comes two months after InCred acquired wealth management platform Orowealth in an all-cash deal.
Set up in 2016 by former banker Bhupinder Singh, InCred is a lendingtech startup that offers credit facilities to retail companies and MSMEs. Some of its credit offerings include personal, home, education, SME and two-wheeler loans.
“We are excited to partner with TeamNest and support their growth in the Indian market. With its innovative technology and dedicated team, TeamNest has the potential to transform the HR tech landscape in India, and we are thrilled to be a part of this journey,” said, Saumya Mittal, head of Structured Finance at InCred Capital.
On the other hand, founded in 2017 by Mahesh Jethani, Prashant Shah and Saakar Yadav, Mumbai-based TeamNest is payroll and HR SaaS platform that helps companies manage their payroll and human resource functions.
“We are delighted to have InCred Capital as our investor and partner in this journey. Their extensive experience and network in the Indian market will be invaluable to us as we work towards capturing the HR tech market in India. This investment will allow us to accelerate outreach across the country, expand our reach, and become the hire-to-retire partner for our customers,” said, Prashant Shah, cofounder, CMO & director, TeamNest.
The startup claims to have witnessed more than 10% month-on-month (MoM) growth in the last 15 months.
In India, it competes with the likes of Jungle Ventures-backed inFeedo and HRtech unicorn DarwinBox.
According to market research firm IMARC Group data, India’s HRtech market was pegged at $940 Mn in 2022. The industry will grow at a CAGR rate of 9.5% to reach $1,640 Mn by 2028.
