InCred Capital, an institutional, wealth management and asset management platform, has announced an investment in TeamNest, a payroll and HR SaaS platform based in India.The amount of the investment was not disclosed.
With the investment, InCred Capital will hold a 20% stake in the company.
InCred Capital's investment forms a part of the Series A round in TeamNest and will enable the platform to expand its reach and enhance its product offerings. This investment will also allow TeamNest to tap into InCred Capital's extensive network in the Indian market, providing the platform with the necessary resources to compete effectively in the HR tech space.
"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, Co-Founder, CMO, and Director of TeamNest.
TeamNest is a cross-border, multilingual platform that helps businesses of all sectors and sizes manage their payroll and human resources function more efficiently. The platform claims to have witnessed more than 10 per cent month-on-month growth for the last 15 months.
"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, Structured Finance at InCred Capital.