Mumbai-based HRtech startup ZingHR has invested in Silicon Valley-based SaaS startup LokiBots recently. The investment will help ZingHR leverage its artificial intelligence-based software bots, conversational AI and document AI in adding capabilities and features to its human capital management (HCM) offerings, further helping ZingHR in expanding its AI-based products and services.
ZingHR mentions that it has added machine learning, blockchain technology and deep learning to its current enterprise offerings and products.
“Our goal with such strategic relationships is to synchronise a new standard in speed, efficiency, and productivity in the HRtech industry. This will help deliver unparalleled value to our clients. Our customers can also leverage this for many of their non-HR processes such as Sales, Accounting, Procurement and many others,” said founder and MD of ZingHR, Prasad Rajappan.
ZingHR also mentions that the investment will increase the efficiency of its HRtech products almost by 95-100%. The funding comes almost after a year. Last was when ZingHR received $10 million from Tata Capital Growth Fund in exchange for 33% equity in the startup.
The HRtech startup claims to have a user base of almost 1000 companies and offers services in 26 languages. On the other hand, LokiBots is a four-year-old startup that equips non-tech-savvy people to create software bots and automate repetitive computerised tasks.
LokiBots also enables digitisation using ML-based forecasting and predictions, document AI and conversational AI. On this investment, the founder of LokiBots, mentions, “Our goal has always been to bring the power of intelligent automation to all businesses irrespective of their sizes. With ZingHR’s vast clientele and financial support, we at LokiBots will be able to strengthen our Go-To-Market initiatives. It will also enable LokiBots to accelerate the mission of democratising intelligent automation for businesses,” said Srilatha Charuvu, cofounder and CEO of LokiBots.
Founded in 2014 by Prasad Rajappan, the Mumbai-based startup offers cloud-based human capital management (HCM) solutions, including talent acquisition, talent management, payroll and alumni management, among others, to small and medium-sized enterprises.