Aiming to be the first-choice provider of HR and Payroll software solutions to corporates, GreyTip Software has today raised Rs. 35 crore. This new funding round in Series B comes from New Enterprise Associates (NEA) and Blume Ventures.
As a part of this deal, Tarun Sharma, who is the managing director of NEA in India will now join the company’s board. Along with Tarun, Karthik Reddy, managing partner of Blume Ventures will also join the board.
With the new funding coming to the company, it plans to deploy the same towards enhancement of its existing products. It will also spend a significant amount in order to reach out to a larger segment of the market.
Speaking about funding round, Karthik Reddy of Blume Ventures, said,
GreyTip has been a pioneer in developing an SMB-centric solution that is a leader in India already in its space. We are scaling this to both large enterprises now and regional markets across Asia. we are very excited to deepen our investment into Greytip after being their first believers a couple of years ago.
Tarun Sharma of NEA, who invested in the current round, says,
What impressed us was that GreytHR team has demonstrated their ability to achieve tech leadership and gain meaningful scale in a short span of time. Their deep presence in the Indian market makes them an ideal platform to benefit from the digitisation of enterprises in India.
However, this isn’t the first round of funding that has been raised by the company. Earlier, it had received an undisclosed sum in a Series A round from Blume Ventures.
GreyTip, which was founded in 1994 by Girish Rowjee and Sayeed Anjum, provides a cloud-based HR management payroll processing software. It aims to provide relevant and cost effective software solutions in the HR domain to corporates.
It provides complete life-cycle management tools for an employee. In addition to basic features, it includes management of information, work flow, leave, attendance, headcount analysis, and payroll processing. It is currently focusing on small and medium enterprises.
The company’s cloud-based solution – greytHR, caters to small and medium enterprises. It helps to manage payroll and other human resource processes. Thus, they can focus on the technology side of the business and not on service side.
As of the customer base, it has more than 3,000 paying customers on its platform. It further claims to have 600 more customers, who are using it on a trial basis. With users from more than 60 cities, it now aims to elevate the number to 10,000 organisations over the next 18 months.
Interestingly, it has clients across India, Malaysia, the UAE and Oman. Currently, it has offices in Bengaluru, Delhi NCR, Chennai, Mumbai, Pune, Hyderabad and Dubai.
A report from Google and Accel Partner suggests that SaaS companies in India are expected to reach $10 billion revenue mark by 2025.