PeopleStrong, one of Asia’s leading human capital management (HCM) SaaS providers, has announced a majority investment by the Private Equity arm of Goldman Sachs Alternatives. The deal marks a strategic inflection point for the company as it prepares to scale globally and double down on AI-led innovation.

The investment underscores PeopleStrong’s position as a key player in India’s HR tech ecosystem, sitting at the confluence of three major shifts: enterprise digitisation, AI adoption, and the rise of Indian SaaS on the global stage.

Founded in Gurugram, PeopleStrong offers a comprehensive, AI-powered HCM suite covering talent acquisition, payroll, employee experience, and performance management. The platform processes over 1.5 million paychecks monthly across multiple geographies and serves a client base spanning key sectors including BFSI, retail, aviation, healthcare, and manufacturing.

The company boasts an impressive enterprise clientele including the Aditya Birla Group, Tata, Mahindra, Kotak Mahindra Bank, HDFC Ergo, Paytm, Cipla, and Air India. Currently catering to over two million users, PeopleStrong has ambitious plans to expand to 10 million global users within the next five years.

“We have remained focused on balanced, sustainable growth and are proud to stand out today as one of the few EBITDA-positive SaaS companies with a leading market position,” said Sandeep Chaudhary, CEO of PeopleStrong. “We are excited to join forces with Goldman Sachs.  With their global expertise in SaaS and AI, we look forward to driving the next phase of our growth together through continued innovation and operational excellence.”

Pankaj Bansal, Founder of PeopleStrong, remarked, “When we started, HR SaaS wasn’t even a recognized category in India—there was a clear gap in the market. We chose the long road, building our technology while educating the ecosystem along the way. Today, the company stands out for its strong customer base, product strength, and disciplined execution. I’m deeply grateful to the clients who trusted us with the opportunity to grow and deliver. I also want to honour my late co-founder, Shelly Singh, and the incredible team of leaders who came together to help shape and build this category from the ground up.”

Commenting on the transaction, Rajat Sood, Managing Director at Goldman Sachs, said, “PeopleStrong operates at the intersection of talent and technology, delivering measurable outcomes for clients through its tech-first approach to human capital management. We look forward to supporting the company’s next chapter of growth by leveraging our global platform and network.”

Goldman Sachs has been an active investor in India for nearly two decades, having deployed over $8.5 billion in alternative capital across the country since 2006. Its investment in PeopleStrong is aligned with its broader strategy to back high-growth, technology-driven enterprises.

Manish Gaur, Managing Director and Head of Enterprise Tech at Multiples Private Equity, said, “We are incredibly proud to have built a robust, scalable and fast-growing SaaS business in partnership with a highly-capable and resilient management team. We are confident that they will continue to take the business to greater heights.”

PeopleStrong’s mobile-first platform continues to receive accolades, with a 4.8/5 rating across iOS and Android and consistent recognition in Gartner’s ‘Voice of the Customer’ reports. The company was named Customers’ Choice for Cloud HCM Suites for enterprises with over 1,000 employees for three consecutive years from 2022 to 2024.

With Goldman Sachs now on board, PeopleStrong is poised to enhance its technological capabilities, expand into new markets, and further solidify its leadership in the rapidly evolving global HR tech space.