Human resources (HR) technology startup Kredily has raised $750,000 (Rs 5.23 crore at current exchange rate) in a seed funding round led by Fosun RZ Capital, an affiliate of Chinese conglomerate Fosun Group.
Other participants in the round include Delhivery co-founder Mohit Tandon and Avinash Anand, former vice-president of engineering at human resources and payroll software platform Zenefits.
In a statement, Kredily, owned by PeopleProsper Technologies Pvt. Ltd, said it would use the funding to improve its product and technology offerings as well as to introduce new features on its platform including those based on performance, expense and asset management.
Company founder Devendra Khandegar claimed Kredily’s services were being used by over 1,000 companies with a cumulative employee count of over 50,000 in less than a year of its launch. “We are seeing very good traction and aim to on-board over 100,000 companies by 2020,” added Khandegar, an IIT-Kanpur and IIM-Lucknow alumnus.
Founded in 2017, Kredily, which has a freemium model, says it helps businesses digitise and automate critical HR- and payroll-related tasks. The company offers free software primarily targeted at small and medium enterprises, and generates revenues through Kredily Bazaar, which offers employees a wide range of products such as insurance, loans and mutual funds. The marketplace comes bundled with the HR software.
Deals in the space
Startups focusing on various segments of the human resources industry have attracted considerable investor attention recently.
Earlier this month, Indonesian startup Go-Jek announced that it had acquihired Bengaluru-based artificial intelligence recruitment platform AirCTO, owned by LaunchYard Technologies Pvt. Ltd. Similarly, in May, the software-as-a-service-based Skillenza raised $1 million (around Rs 7 crore then) in May in a pre-Series A funding round led by CBA Capital’s Education Catalyst Fund.
In November last year, workplace discussion platform Hush raised Rs 4.5 crore ($640,000) in a new round of funding from existing investors, including venture capital firm Accel and angel investor Shamik Sharma, who is the business head at fitness startup CureFit. In April 2018, Gurugram-based HR-tech startup Benepik Technology Pvt. Ltd raised seed funding from a group of investors, including Vishal Bali, managing director at Nielsen China.