InCred Capital, a new-age financial services provider focused on bringing cutting-edge solutions for sophisticated individual investors and institutional clients, has invested in TeamNest, a payroll and HR SaaS platform. However, the company did not disclose the amount of the investment.
After the investment, InCred Capital will hold a 20% stake in the company. The latest infusion forms a part of the Series A round in TeamNest.
With the fresh fundraising round, TeamNest will enable it to expand its reach and enhance its product offerings. It will also allow TeamNest to tap into InCred’s extensive network in the Indian market, providing the platform with the necessary resources to compete effectively in the HRTech space.
Founded in 2017 by Mahesh Jethani, and Prashant Shah, TeamNest is a cross-border, multilingual platform that helps businesses of all sectors and sizes manage their payroll and human resources function more efficiently. With its user-friendly interface, automated processes, and advanced analytics, the startup has become a popular option in the payroll and HR segment, with more than 10% month-on-month growth for the last 15 months.
Speaking about the latest development, Co-founder, CMO & Director of TeamNest, Prashant Shah, said:
We are delighted to have InCred Capital as our investor and partner in this journey. Their extensive experience and network in the Indian market will be invaluable to us as we work towards capturing the HRTech market in India. This investment will allow us to accelerate outreach across the country, expand our reach, and become the hire-to-retire partner for our customers.
Mumbai-based TeamNest began with a mission to provide a world-class HR platform to small and medium organisations. It also aims to provide every possible convenience, from attendance to payroll, tax filing, and investments. The company believes that professionals and workforces worldwide need a single-point platform to run their professional lives efficiently, intuitively, and securely. From to-dos to compliances to physical workspaces – it will cover everything one needs to ensure that one can focus on creating magic at their workplace.
InCred Capital is an India-focused institutional platform that advises marquee clients on some of India’s largest and most significant business transactions across sectors. The Fintech company provides access to an all-in-one ecosystem of experts to craft bespoke solutions for Indian wealth creators.
Saumya Mittal, Head of Structured Finance, InCred Capital, added:
We are excited to partner with TeamNest and support their growth in the Indian market. With its innovative technology and dedicated team, TeamNest has the potential to transform the HRTech landscape in India, and we are thrilled to be a part of this journey.
The latest investment makes TeamNest well-positioned to become a leader in the HRTech market in India.
According to InCred Capital’s statement, as businesses in India continue to adopt digital technologies and automate their processes, there is an increasing demand for HRTech solutions to help manage employee data, payroll, time and attendance, and other HR functions more efficiently. As a result, HRTech companies in India have a tremendous opportunity to capture this growing demand by creating products that address the specific needs of Indian businesses.
Earlier this year, InCred Capital acquired Orowealth, a wealth technology startup, in an all-cash deal that enabled it to enter retail wealth management.