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Greytip Software a people management software company has raised about $5.2 Mn (INR 35 Cr) in a Series-B round of funding led by New Enterprise Associates (NEA) and Blume Ventures.
With this, Tarun Sharma, managing director – India, NEA and Karthik Reddy, managing partner, Blume Ventures, will join the board of Greytip Software.
Greytip Software provides cloud-based HR and payroll management solutions to small and medium enterprises (SMEs). Greytip solutions help to automate Employee Info management, Payroll & Statutory compliance, Leave & Attendance, and Training administration.
Bangalore-based Greytip, also has its regional offices in Mumbai, Pune, Delhi, Chennai, Hyderabad and Dubai. Its solutions are used by 3,500+ organisations including 25+ Fortune 500 clients.
Tarun Sharma, managing director – India, NEA, said, “What impressed us was that greytHR team has demonstrated their ability to achieve tech leadership and gain meaningful scale in the SaaS based HR and payroll market in India in a short span of time. With more than 300,000 employees across India already getting their payroll processed each month through their SaaS platform, greytHR is well poised to grow through new product offerings and expanding reach. Their deep presence in the Indian market makes them an ideal platform to benefit from the digitisation of enterprises in India, irrespective of company size, sector or location.”
Greytip will use the newly raised funding primarily to enhance their flagship cloud solution, greytHR to enable its adoption among a wider set of enterprises and small businesses and for expansion into tier 1 and tier 2 markets.
Prior to this in 2014, Greytip raised an undisclosed amount of funding from Early stage VC firm Blume Ventures.
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