Bengaluru-based human resources technology startup Kredily has raised $750,000 (Rs 5.23 crore) in a seed funding round led by Fosun RZ Capital, an affiliate of Chinese conglomerate Fosun Group.
Delhivery co-founder Mohit Tandon and Avinash Anand, former vice-president of engineering at Zenefits, a human resources and payroll software platform, also invested in Kredily.
According to a company statement, Kredily plans to use the funds to grow its product and technology, along with introducing new features around performance management, expense management, and asset management on its platform.
The platform, owned by PeopleProsper Technologies Pvt. Ltd, was founded in 2017 by IIT-Kanpur and IIM-Lucknow alumnus Devendra Khandegar.
"HR-tech is expected to be a billion-dollar industry by 2021 in India. With less than 10% of SMEs equipped with any HR and payroll software, we see a huge growth potential. We plan to offer this HR solution as a lifetime free software to all small business in the country. In less than a year of launch, Kredily is being used by over 1,000 companies managing HR and payroll for over 50,000 employees. We are seeing very good traction and aim to on-board over 100,000 companies by 2020,” said Khandegar.
Kredily helps businesses digitise and automate core HR- and payroll-related tasks. The company offers free software largely targeted at SMEs that find it difficult to afford HR tools currently available in the market.
Kredily generates revenue through its business model Kredily Bazaar, which offers employees access to a gamut of financial products like insurance, loans, mutual funds, and other employee benefit options. Kredily Bazaar comes capsuled within Kredily's HR software as a key feature.
"Employees are the biggest asset that any company has, but employee and HR management is still a very manual process. Kredily is one of the first HR-tech software startups in India which is trying to solve this important problem by helping small businesses digitally transform HR and payroll tasks. Kredily has a freemium model that will allow businesses of all sizes to adopt the software,” said Nikhil Rungta, advisory board member, Kredily.
Kredily’s advisory board comprises, among others, Nikhil Rungta (former MD, Intuit India) and Sanjeev Sinha (president of India Japan Partnership Fund and adviser to the Indian High Speed Rail Project).