Chinese HRTech firm eRoad has raised 1 billion yuan ($140 million) in its Series D funding round to upgrade Platform-as-a-Service (PaaS) products to better serve large- and medium-sized enterprises globally.
The Shanghai-based firm did not disclose the names of the investors of the new round, but it said in a statement that the deal was co-led by one strategic investor and one financial investor with the participation of multiple existing shareholders.
Founded in 2004, eRoad provides comprehensive digital solutions for human resources with salary as the core for medium and large enterprises, including core human resource management, salary management, workforce management, talent development, data insights, etc. It serves over 300 enterprises across 20+ countries and more than 310 domestic cities to improve the digital efficiency of human resources, and more.
eRoad’s clients include Jin Jiang Hotel, a Chinese state-owned hospitality group that runs about 5,500 hotels in the country, and consumer electronics and home appliance manufacturer TCL Technology.
The company said it will use the fresh capital to iterate its “eRoad People+”, an HR management cloud platform with a focus on payroll solutions. The move represents the firm’s efforts in building out an HRTech ecosystem powered by “systems-plus-services” PaaS products, it said in the statement.
eRoad’s Series D, which the company said is its largest funding round to date, comes more than two years after it raised over 200 million yuan ($28 million) in an extended Series C round from Huaxing Growth Capital, the private equity arm of China Renaissance.
The firm had collected over 600 million yuan ($84 million) in its Series C round in 18 months from investors such as Hillhouse Capital Group’s venture capital arm GL Ventures, Eastern Bell Capital, and SIG Asia Investments. Hillhouse Capital also backed eRoad’s Series B round in 2018, the investment size of which was not disclosed.
Meanwhile, Index Capital served as the exclusive financial advisor in this Series D funding round of the HRTech firm.
eRoad has over 700 employees across its headquarters and branch offices in Beijing, Chengdu, Guangzhou, Shenzhen, and Hong Kong, according to its website.