HR tech startup Kredily raises $7,50,000 in funding led by Fosun RZ Capital
Founded in 2017, Kredily offers workflow automation for critical Payroll and HR processes soaring on its freemium model drawing considerable attention from small and medium enterprises. The two year old HR tech startup has recently raised $750,000 in a seed funding round led by Fosun RZ Capital, an affiliate of Chinese conglomerate Fosun Group.
Delhivery co-founder Mohit Tandon and Avinash Anand, former Vice President of Engineering at human resources and payroll software platform Zenefits also participated in this round of funding.
Kredily’s service platform manages employee data, attendance and leave tracking, automated monthly payroll, generating salary slips, and enables organizations to comply with all statutory requirements. Their revenue generator Kredily Bazaar, is a marketplace offering a wide range of products (for employees)ranging insurance, loans and mutual funds among others, combined with the zero cost Payroll and HR Software.
Vipin Agarwal, Executive Director at the Fosun RZ Capital believes in Kredily’s solution and thinks that it holds the promise to disrupt the HR and payroll industry.
“By packaging all HR functions together and offering them completely free to all companies, Kredily holds the promise to disrupt the HR and payroll industry and offers an ecosystem for other financial services and online service companies. Kredily has the potential to get the same scale that Google Suite has achieved through disrupted micro-entrepreneurs' and mid-sized companies' email and document management systems,” said Agarwal.
HR Tech start-ups are receiving significant attention from investors all across the globe. 2019 itself has seen a rise in investments in HR Tech Start-ups with Dockabl raising $1.26 Mn in Pre-Series A funding, HR Path raising 100 Mn Euros through the support of Andrea Partners, Coursera raising a $103 Mn investment in a Series E equity round; and SAAS based Skillenza raising $1 Mn in a pre-Series A funding round led by CBA Capital’s Education Catalyst Fund. Others in the recent past include Hush, a workplace discussion platform raising $640,000 in a new round of funding from existing investors, including Accel (venture capital firm) and angel investor Shamik Sharma, Business Head of the fitness start-up CureFit; Benepik Technology Pvt. Ltd, Gurugram based HR-tech start-up raised seed funding from a group of investors in April 2018, including Vishal Bali, Managing Director, Nielsen China.
Adding to his future plans for Kredily, Founder Devendra Khandegar shared, "HR Tech is expected to be a billion-dollar industry by 2021 in India. With less than 10 percent of SMEs equipped with any HR and Payroll software, we see a huge growth potential. We plan to offer this HR solution as a lifetime free software to all small businesses in the country.”
With new opportunities and disruptions across the HR Tech space, it’s interesting to see how the Zero Cost Software service is enabling Kredily to juggle with a lot of opportunities. Let’s see how Kredily works towards its vision to address the small and medium enterprises and also on its expansion plans, given that they are looking forward to close the Series A round of funding by the second half of 2019.