InCred Group-backed wealth management and asset management platform, InCred Capital on Thursday announced its investments in a Payroll and HR SaaS startup, TeamNest. After the investment, InCred Capital will hold a 20% stake in the company. The latest infusion forms a part of the Series A round in TeamNest.
With the fresh capital, TeamNest will enable it to expand its reach and enhance its product offerings.
Also, the fresh round of fundraising will allow TeamNest to tap into InCred Capital’s extensive network in the Indian market, providing the platform with the necessary resources to compete effectively in the HR tech space.
TeamNest is a cross-border, multilingual platform that helps businesses of all sectors and sizes manage their payroll and human resources function more efficiently. With its user-friendly interface, automated processes, and advanced analytics, the platform has become a popular option in the Payroll and HR segment with more than 10% month-on-month growth for the last 15 months.
Saumya Mittal, Head, Structured Finance at InCred Capital said, “We are excited to partner with TeamNest and support their growth in the Indian market. With its innovative technology and dedicated team, TeamNest has the potential to transform the HR tech landscape in India, and we are thrilled to be a part of this journey.”
While Prashant Shah, Co-Founder, CMO, and Director of TeamNest said, “We are delighted to have InCred Capital as our investor and partner in this journey. Their extensive experience and network in the Indian market will be invaluable to us as we work towards capturing the HR tech market in India.”
Shah added, “this investment will allow us to accelerate outreach across the country, expand our reach, and become the hire-to-retire partner for our customers.”
The latest investment makes TeamNest well-positioned to become a leader in the HR tech market in India.
In a statement, InCred Capital said, as businesses in India continue to adopt digital technologies and automate their processes, there is an increasing demand for HR tech solutions that can help manage employee data, payroll, time and attendance, and other HR functions more efficiently.
As a result, it said, HR tech companies in India have a tremendous opportunity to capture this growing demand by creating products that address the specific needs of Indian businesses.
