The investment will help ZingHR leverage its AI-based software bots, conversational AI and document AI to add capabilities and features to its human capital management (HCM) offerings
The deal will also enable ZingHR to increase the efficiency of its HRtech products by 95-100%
The investment comes almost a year after ZingHR received $10 Mn from Tata Capital Growth Fund in exchange of 33% equity in the startup
HRtech startup ZingHR has made a strategic investment in Silicon Valley-based SaaS startup LokiBots.
The investment will help ZingHR leverage its AI-based software bots, conversational AI and document AI to add capabilities and features to its human capital management (HCM) offerings. It would further help ZingHR to expand its AI-based products and services.
ZingHR said the investment will also help it increase the efficiency of its HRtech products by 95-100%.
The funding comes almost a year after ZingHR received $10 Mn from Tata Capital Growth Fund in exchange of 33% equity in the startup.
Founded in 2014 by Prasad Rajappan, the Mumbai-based startup offers cloud-based human capital management (HCM) solutions including talent acquisition, talent management, payroll and alumni management, among others to small and medium-sized enterprises.
ZingHR shared that it has added machine learning, deep learning and blockchain technology to its current products and enterprise offerings.
“Our aim with such strategic relationships is to set a new standard in speed, efficiency, and productivity in the HRtech industry and deliver unparalleled value to our clients. This can be also leverage by our customers for many of their non-HR processes like Accounting, Sales, Procurement and many others,” said, Prasad Rajappan, founder and MD of ZingHR.
The HRtech startup claims to have a client base of 1000 companies and offers services in 26 languages.
LokiBots, on the other hand, was founded by Srilatha Charuvu, Kiran Khair and Daniel Kovarik in 2018. The four-year-old startup helps non-tech savvy people create software bots and automate repetitive computerised tasks.
LokiBots also enables digitisation using ML-based forecasting and predictions, document AI and conversational AI.
“Our goal has always been to bring the power of intelligent automation to businesses of all sizes, and with ZingHR’s vast clientele and financial support we will be able to strengthen our Go-To-Market initiatives. It will also enable us to accelerate our mission of democratising intelligent automation for businesses,” said Srilatha Charuvu, cofounder and CEO of LokiBots.
According to Crunchbase data, the startup has secured a total of $868.5K funding from different investors.
In India, ZingHR faces competition from the likes of Darwinbox, TeamNest, inFeedo and HireSure.ai.
As per a Verified Market Research report, the country’s HRtech market was valued at $23.32 Bn in 2021. The industry is expected to grow at a CAGR of 5.7% to become a $38.36 Bn space by 2030.