To improve its standing in the HRtech space, the startup will leverage InCred’s massive system and add funds to its platform.
TeamNest will use the funds to expand its existence and create its product offerings.
The news comes just two months after InCred paid all cash for the wealth management platform Orowealth.
InCred Capital, a fintech startup, has procured a 20% stake in TeamNest, an HRtech startup. Although the startup did not disclose the deal’s value, it did reveal that the acquiring investment seems to be part of TeamNest’s Series A financing round.
TeamNest will use the funds to grow its market share and create its product portfolio. To improve its standing in the HRtech space, it will leverage InCred’s huge system and add funds to its platform.
The news comes just two months after InCred paid all cash for the wealth management platform Orowealth.
InCred is a lending tech venture founded in 2016 by former investment banker Bhupinder Singh that provides credit to retail businesses and MSMEs. Personal, home, education, SME, and two-wheeler loans are among its credit offerings.
“We are thrilled to work with TeamNest and encourage their growth in the Indian economy. TeamNest has the potential to change the HR tech landscape in India. With its forefront in a technological and dedicated team, and we are excited to be a part of this journey,” said Saumya Mittal, Chief of Structured Finance at InCred Capital.
TeamNest, on the other hand, is a payroll and HR SaaS platform. And that lets businesses maintain their payroll and HR operations. It was established in 2017 by Mahesh Jethani, Prashant Shah, and Saakar Yadav in Mumbai.
“We are excited to have InCred Capital as an investor and partner on this journey. Subsequently, their vast experience and connection in the Indian market would be extremely valuable to us. And also as we work to capture the Indian HR technology market. Consequently, this money invested will permit us to expand our reach from across the country. And as well as become our customers’ hire-to-retirement partner,” said Prashant Shah, TeamNest’s cofounder, CMO, and director.
Over the past 15 months, the venture claims to have grown by more than 10% month on month (MoM).
Despite this, it competes in India with companies like Jungle Ventures-backed inFeedo and HRtech unicorn DarwinBox.
According to data from the market research company IMARC Group, India’s HRtech market is about to be worth $940 million by 2022. The sector is about to expand at a 9.5% CAGR to $1,640 Mn by 2028.
Also read: https://inc42.com/features/byjus-pharmeasy-burden-startup-acquisitions/
https://bizemag.com/sustainable-startups-top-7-you-wanted-to-know/
