InCred Group-backed wealth administration and asset administration platform, InCred Capital on Thursday introduced its investments in a Payroll and HR SaaS startup, TeamNest. After the funding, InCred Capital will maintain a 20% stake within the firm. The newest infusion varieties part of the Sequence A spherical in TeamNest.
With the contemporary capital, TeamNest will allow it to increase its attain and improve its product choices.
Additionally, the contemporary spherical of fundraising will permit TeamNest to faucet into InCred Capital’s intensive community within the Indian market, offering the platform with the mandatory assets to compete successfully within the HR tech house.
TeamNest is a cross-border, multilingual platform that helps companies of all sectors and sizes handle their payroll and human assets operate extra effectively. With its user-friendly interface, automated processes, and superior analytics, the platform has grow to be a preferred choice within the Payroll and HR section with greater than 10% month-on-month development for the final 15 months.
Saumya Mittal, Head, Structured Finance at InCred Capital mentioned, “We’re excited to associate with TeamNest and assist their development within the Indian market. With its progressive expertise and devoted workforce, TeamNest has the potential to rework the HR tech panorama in India, and we’re thrilled to be part of this journey.”
Whereas Prashant Shah, Co-Founder, CMO, and Director of TeamNest mentioned, “We’re delighted to have InCred Capital as our investor and associate on this journey. Their intensive expertise and community within the Indian market will likely be invaluable to us as we work in direction of capturing the HR tech market in India.”
Shah added, “this funding will permit us to speed up outreach throughout the nation, increase our attain, and grow to be the hire-to-retire associate for our prospects.”
The newest funding makes TeamNest well-positioned to grow to be a frontrunner within the HR tech market in India.
In a press release, InCred Capital mentioned, as companies in India proceed to undertake digital applied sciences and automate their processes, there may be an growing demand for HR tech options that may assist handle worker knowledge, payroll, time and attendance, and different HR capabilities extra effectively.
In consequence, it mentioned, HR tech firms in India have an incredible alternative to seize this rising demand by creating merchandise that deal with the particular wants of Indian companies.
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Supply: Live Mint