Greytip Software receives INR 35 crore funding; to Enhance and Expand HR cloud solutions
Posted OnJune 17, 2016 by Shruthi S
Greytip Software, a leading provider of HR and Payroll solutions to SMEs & enterprises across India, has announced today that it has raised INR 35 crore in its series B round of funding. The funding was led by New Enterprise Associates (NEA) and Blume Ventures. The funds will be primarily used to enhance their flagship cloud solution, greytHR to enable its adoption among a wider set of enterprises and small businesses and for expansion into Tier 1 and Tier 2 markets.
greytHR helps businesses manage their employee-related TDS, PF, ESI, & LWF compliances and significantly cuts down the cost and time in providing services to their employees. It automates key areas of HR, payroll management, leave and attendance tracking, thereby reducing and simplifying work while delivering accurate and super-fast results. Its employee self-service mobile app is being widely used with 30K+ downloads, empowering employees to check their TDS, PF, etc. on-the-go.
Speaking on the announcement, Mr. Girish Rowjee, CEO, Greytip Software said, “We have constantly obsessed about how we can help SMEs easily and efficiently manage their HR and Payroll processes. Our cloud app, greytHR is a product of that obsession. In NEA and Blume Ventures, we see ideal partners who believe in our vision of helping small businesses use cloud to cut down operation costs and improve productivity.”
“Greytip has been a pioneer in developing an SMB-centric solution that's a leader in India already in its space. Scaling this beautifully to both large enterprises now and regional markets across Asia, we are very excited to deepen our investment into Greytip after being their first believers a couple of years ago,” said Mr. Karthik Reddy, Blume Ventures.
“What impressed us was that greytHR team has demonstrated their ability to achieve tech leadership and gain meaningful scale in the SaaS based HR and payroll market in India in a short span of time. With more than 300,000 employees across India already getting their payroll processed each month through their SaaS platform, greytHR is well poised to grow through new product offerings and expanding reach. Their deep presence in the Indian market makes them an ideal platform to benefit from the digitization of enterprises in India, irrespective of company size, sector or location,” said Mr. Tarun Sharma, New Enterprise Associates India.
Greytip Software enables more than 3,500 businesses manage 300,000+ employees daily. The company’s vision is to reach out to all enterprises and small businesses across Tier I and Tier II cities and help them benefit from automating their people processes.
About Greytip Software
Greytip software is a leading provider of HR & Payroll solutions to SMEs across India. Its cloud application, GreytHR, helps clients manage their employee life cycle. It automates key areas of HR, payroll management, leave and attendance tracking, thereby reducing & simplifying work while delivering accurate & super-fast results. For more information, please visit www.greytip.com &www.greythr.com
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $17 billion in committed capital across 15 funds, NEA invests in companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record includes more than 200 portfolio company IPOs and more than 320 acquisitions, and is consistently ranked as a ‘top 5’ VC globally.
In India, NEA has already committed close to $450mn in investment over the last 7 years. NEA India’s investment thesis is to back emerging sectors with past investments in areas such as consumer, financial tech, healthcare devices and services, enterprise technology and services. For additional information, please visit www.nea.com