Multiple startups have jumped on the funding bandwagon over the past year, and now, employment management platform Multiplier is the latest to do so. The B2B startup raised $60 million in its Series B funding round, reaching a valuation of $400 million.
The round was led by Tiger Global and Sequoia Capital India, both noted investors that have put in a renewed interest in Indian startups over the past year. This comes barely months after it raised $13.2 million in Series A funding, and brings the total amount of capital raised since 2020 to $77.2 million. The round also included participation from DST Global Partners.
The company will deploy the funds to expand its global infrastructure, garner “meaningful partnerships,” and add new capabilities. It also looks to drive recruitments across countries, departments, and levels.
Managing employees across different nations for large companies can be harrowing. Multiplier steps in to solve the problem by helping companies employ and pay remote workers, and manage employment contracts, payroll, benefits, insurance, and compliance with local laws and regulations. This is possible through its professional employer organization (PEO) solution. It starts at $300 per employee per month or $40 per freelancer per month, and if a company has its local entity, help them manage payroll for $20 per employee a month. Amazon, for example, uses Multiplier to support its global payroll and compliance.
Additionally, firms can now register themselves on its platform, send offer contracts to their candidates offer contracts in minutes, and offer employee stock ownership plans.
The Singapore-headquartered company, founded in 2020, by Sagar Khatri, Amritpal Singh, and Vamsi Krishna, has a flagship product – the Employer of Record (EOR) solution – that allows it to partner with clients, acting as the legal employer of their employees and enabling them to comply with local labor and tax laws. This has been extremely popular, supported by the fact that EORs have been set up in over 150 countries.
Khatri, the CEO, believes that borders between countries should not “hinder the search for the right people for the right roles. We are resetting the mantra that hiring people from abroad is costly, time-consuming, and daunting.” The company is now working on a crypto-payroll features that will allow employers to pay freelancers with cryptocurrencies. This will be rolled out so businesses can pay their freelancers in cryptocurrencies (a win for the crypto industry and crypto entrepreneurs).