Greytip Software a Bangalore based cloud based HR and Payroll processing company has raised Rs. 35 crore in a Series B funding from Blume Ventures and New Enterprise Associates. The funds will be used to enhance the products and to increase the market segment.
With this Karthik Reddy, Managing Partner at Blume Ventures and Tarun Sharma, MD at NEA India will join the board of Greytip software.
It was founded in 1994 by Girish Rowjee and Saveed Anjum. It provides their employees complete lifecycle management including his/her information, leave, work flow, headcount analysis, attendance, & payroll processing as a solution on the platform. Through its product GreytHR it will help only technology side of business by focusing on small & medium enterprises.
In 2014 it raised an undisclosed amount of funding from Blume Ventures.
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. 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.”
Currently it is operating in Delhi-NCR, Bengaluru, Chennai, Pune, Dubai, Hyderabad and Mumbai. With 3k paying customers it has around 600 customer on trial basis. In the next 18 months, with a customer base across 60 cities it aims to reach the target of 10k organization on its platform.
Tarun Sharma of NEA’s said
“What impressed us was that GreytHR team has demonstrated their ability to achieve tech leadership and gain meaningful scale in the SaaS-based HR and payroll market in India 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, irrespective of company size, sector or location.”
With a revenue of $600 million, India has over 500 SaaS startups. In the next 10 years SaaS products market expected to cross $50 Billion.