Hire to Retire HR solutions provider, ZingHR hopes to raise around $10 to $15 Mn from PE funds. In fact, as shared by Prasad Rajappan, Founder and CEO, the India based HR Tech company has already initiated discussions with PE funds.
“Two to three rounds have happened. Maybe things will materialize in a month or so,” said Prasad Rajappan.
So far, ZingHR has received around $2.5 Mn of funding, including seed and angel funding and strategic investment by Zeta.
Now ZingHR plans to utilize the money raised from the upcoming funding in primarily strengthening sales and marketing across regions, for product development and talent acquisition, especially at the senior level.
While globally, the hire-to-retire solutions market has a size of $22 Bn, ZingHR’s annual run rate, an estimate of annual revenue, is approximately $5 Mn.
Indian headquartered cloud-based human capital management solutions provider, ZingHR also operates in the Philippines, Singapore, Australia, Saudi Arabia, Dubai, Oman, Qatar and Sri Lanka. And now its further looking at expanding into China and strengthening presence in Australia.
After adding features like voice-enabled feature called ‘ZingBolo,’ the company would now be working on adding new features and products, for instance, providing multi-lingual offerings in languages like Arabic.
As of now, ZingHR solutions are broadly for medium enterprises which have an employee base of 250 to 1,000 and for those with more than 1,000 employees. However, now with more funding and expansion plans, it would be eyeing large enterprises with employee strength of 20,000 and 50,000.