HR and Payroll software solutions firm Greytip Software Private Limited that operates HR Automation and Payroll Product, GreytHR, has raised a Series C funding of Rs 34.5 crores from new investor Info Edge and existing investor MegaDelta Capital.
The HR Tech firm will use the proceeds to grow from its current base of 9,000 clients and their 1 million employee touchpoints and expand its product, sales, and marketing operations to newer markets and geographies. The Saas based startup already has a presence in 150 plus cities spread across India and the Middle East regions.
With over 9,000 customers, Greytip is one of the largest players in the SMB HR tech space in India. With over two decades of market presence in this space, greytHR, with this new round of funding will now be able to further cement its leadership in the SMB segment by reaching out to millions of SMBs in India who are keen to adopt such digital products but are currently not served.
Girish Rowjee, CEO, Greytip Software said “We strongly believe that this fundraise is pivotal in accelerating Greytip’s growth story. We look forward to working with Info Edge given their deep understanding of the HR business and the SaaS space, as we chart out our next wave of growth plans. We also want to thank the support from our existing investors Mega Delta Capital (previously NEA India) and Blume Ventures.”
This new round of funding is further validation for the HR tech solutions in India. As businesses are increasingly looking for best in class HR automation SaaS products, to help drive their digital transformation goals, investor interest in the segment is also further peaking. Last month, Darwinbox, an HR Technology platform company that offers cloud-based end-to-end Human Resource Management (HRMS) platform caterings to HR needs across the entire employee lifecycle (hire-to-retire) raised a funding of $15 Mn led by Sequoia India along with participation from existing investors Lightspeed India Partners, Endiya Partners, and 3one4 Capital.