Cloud-based payroll and human resource automation software solutions provider Greytip Software has raised about $4.87 million in Series C funding led by Naukri.com parent, Info Edge. The round also saw participation from existing investor funds advised by MegaDelta Capital LLP.
The small and medium business-focused company, which provides HR automation in a software-as-a-solution (SaaS) model, will use the funds for sales and market expansion as well as product innovations.
The company claims to serve 9,000 customers and has a presence in 150 cities across India and the Middle East.
Founded in 1994 by Girish Rowjee and Sayeed Anjum in Bengaluru, Greytip had last raised about $4.8 million in a Series B round of funding from New Enterprise Associates and Blume Ventures, which backed the company in 2014.
“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,” said Girish Rowjee, chief executive officer of Greytip in a statement issued by the company.
Greytip funding comes at a time when investor interest in human resource management system (HRMS) companies is high.
In September, enterprise-focused human resources management platform Darwinbox raised $15 million from Sequoia Capital India and existing investors .
Artificial Intelligence-based HR solutions company Hyperhire raised $200,000 from Seoul based early-stage venture capital firm Springcamp.
In May, SaaS platform for skill-based hiring Skillenza raised $1 million from existing investors and CBA Capital’s Education Catalyst Fund.