Greytip Software Private Limited, an HR-tech startup which operates a HR automation and payroll product, GreytHR, has raised Series C funding to the tune of Rs. 34.5 crore from Info Edge.
The round also saw the involvement of existing investor MegaDelta Capital.As part of the deal, Info Edge has come onboard as a new investor, where Lincoln International was the exclusive advisor.
Previously, the B2B software startup had raised Rs. 35 crore in Series B from New Enterprise Associates (NEA) and Blume Ventures. Greytip will use the latest funds for ramping up its sales and market expansion, while also working on expanding and scaling its product offering. At present. it operates in 150 cities across India and Middle East.
Girish Rowjee, CEO of 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.”
Greytip focuses in the SMB HR tech space in India. SMBs in India are increasingly looking for HR automation SaaS products, to support drive their digital transformation goals, the Bengaluru-based startup has been putting emphasis more on domestic markets.
With over 9,000 customers and 1 million payslips being generated on its platform, Greytip claims to be amongst the largest players in SMB HR tech space in India. Their flagship product, greytHR, is a cloud-based HR and Payroll Software which focuses on companies looking to streamline HR operations and manages their payroll processes and statutory compliances.
Info Edge will be eking out 20.25% stake in Greytip on fully converted and diluted basis, through a mix of primary infusion and secondary purchase of shares. Greytip boasts of several high-profile clients such as Toshiba, Volvo, Swiggy and Dell among others.
Tarun Sharma, Managing Director at MegaDelta Capital said,
Since our initial investment in 2016, Girish and the Greytip team have built a best in class SaaS business. Through a strong combination of product architecture and go-to-market strategy thoughtfully crafted for India, the company is successfully delivering on the massive opportunity of digitizing Indian businesses.”
Having over 20 years of market presence in this space, greytHR, with this latest round of funding will be able to further cement its leadership in the SMB segment and plans to reach out to millions of SMBs in India who are keen to adopt such digital products but are not yet served.
For the fiscal year ended on March 3, 2019, Greytip posted a turnover of Rs 28.31 crore.