According to its founder, the Mumbai-based HR-tech startup ZingHR has raised $10 million (Rs 74.3 crore) from Tata Capital Growth Fund. Tata Capital’s private equity arm will own a 33% ownership in the company due to this investment.
Prasad Rajappan, the company’s chief executive, stated that the funds would be used to expand into new worldwide markets, modernize technology, and expand its talent pool.
Accel Partners, serial entrepreneur Bhavin Turakhia, Mumbai Angels Network, and an investment firm Triton are ZingHR’s other investors. The business has now raised a total of $12 million in this round.
According to Rajappan, the Microsoft-accelerated startup has been profitable for 12 months and has a $10 million annualized revenue run rate. “Our target is to grow the revenues 10x over the next 12-18 months,” he said.
He added that the company now operates in regions such as Australia, Southeast Asia, and the Middle East and will now attempt to expand to Europe, more Middle Eastern countries, North Africa, and the United States. “We just have to now scale up our efforts in global markets and with the new fund raise, we are going to aggressively pursue these markets,” said Rajappan.
ZingHR, which Rajappan founded in 2014, provides tech-driven HR solutions that assist organizations in integrating their automation transitions with business outcomes while optimizing employee experience. According to Rajappan, the company offers vertical-specific solutions for BFSI, retail, services, IT-ITeS, staffing, pharma & healthcare, and manufacturing to over 700 companies with over a million employee data. It provides solutions using artificial intelligence, machine learning, and deep learning algorithms.
“We believe adoption of SaaS-based processes will decide future winners as businesses go digital. Zing HR’s SaaS solution is robust, nimble and adopted by marquee customers,” said Akhil Awasthi, managing partner – Tata Capital Growth Fund.
“This funding will be critical in taking further our expansion plans,” said Rajappan.
