Tiger Global-backed neo-bank startup Jupiter has acquired sumHR, a cloud-based human resource management software helping SMEs with their HR and payroll processes, marking its second acquisition since its inception. The report said the Bengaluru-based company had announced that it acquired the HRTech platform last year.
According to a company spokesperson, sumHR is currently operating as a wholly-owned subsidiary of Jupiter. After the acquisition, sumHR founder Jay Thaker will continue leading the company. However, the company did not disclose the financial terms of the transaction.
The acquisition has further helped Jupiter magnify its bouquet of innovative banking solutions. Corporates can directly facilitate employees to open salary accounts through HR tools such as sumHR while leveraging low-cost HR tools with rich features, the spokesperson said.
Founded in 2019 by serial entrepreneur Jitendra Gupta, Jupiter provides a platform with a simplified user interface that allows users to deposit and withdraw funds. As it lacks its banking licence, the startup also offers debit and credit cards in partnership with traditional banks such as Federal Bank. The platform introduced the ‘Mission Invite’ program to let existing users invite friends. Users without an invite can download the app to get limited exclusive invites from the app makers.
Last year, the firm also launched an on-demand salary service for Pro account holders to expand its offerings. It allows users with Jupiter accounts to draw an early salary through a payday loan. Earlier this year, it announced raising INR 100 Cr in debt from Alteria Capital. It said it would utilize the capital to build further and scale up its lending products.
Jupiter has raised over $169 million in numerous rounds to date and is backed by marquee investors such as Tiger Global, Sequoia Capital, Matrix Partners, and QED Investors.
sumHR is on a mission to improve the impact of HR teams in organizations globally. With its full-suite HR platform on the cloud, the platform is building a flexible and configurable end-to-end HRMS to help HR teams automate the mundane, streamline the chaos and improve the employee’s HR experience. Its primary features include payroll automation, attendance and leave management, performance management, reimbursement management, enterprise social networking and human resource analytics. The startup believes that HR is the essential department in any company. It holds things together and deals with innumerable human variabilities but often needs more tools to realize its full potential and deliver outstanding results.