Human Resource management platform Zimyo has raised around Rs 17 crore from business-to-business (B2B) marketplace IndiaMART Intermesh Ltd.
The move is the latest in line with IndiaMart's plan to actively invest in startups. It recently picked up a 26% stake in the industrial e-commerce platform IB Monotaro Pvt Ltd (IMPL) for Rs 104.2 crore. It also led a Series B funding of Rs 145 crore in Fleetx Technologies, which runs fleet management platform Fleetx.io.
Dinesh Agarwal, Founder and CEO of IndiaMART, said in a statement that this investment is another step towards the company's long-term vision of providing a holistic ecosystem for all business needs.
Founded in 1999, IndiaMART is an online B2B marketplace that connects buyers with suppliers. During FY 21, the company had consolidated revenue of Rs 756 crore and profit after tax of Rs 280 crore.
Kumar Mayank, CEO of Zimyo, said, "Millions of employees of the small and mid-size businesses, which form over 45% of this working population is forced to choose between paper or HR solutions that aren’t designed for them. Zimyo wishes to bridge the gap. We want to be the go-to HR platform that both the SMB and the employee choose for meeting its HR and benefits needs."
Zimyo has previously raised funding from BEENEXT, AngelList and Yatra Angel Network and angel investors such as Kunal Shah, Sweta Rau, among others.