Greytip Software, a provider of HR and Payroll solutions to SMEs & enterprises announced on Thursday (June 16th ) that it has raised Rs 35 crore in its series B round of funding. The funding was led by New Enterprise Associates (NEA) and Blume Ventures.
The funds will be primarily used to enhance their flagship cloud solution, greytHR to enable its adoption among a wider set of enterprises and small businesses and for expansion into Tier 1 and Tier 2 markets.
GreytHR helps businesses manage their employee-related TDS, PF, ESI, & LWF compliances and cuts down the cost and time in providing services to their employees.
Girish Rowjee, CEO, Greytip Software said, “We have constantly obsessed about how we can help SMEs easily and efficiently manage their HR and Payroll processes. Our cloud app, greytHR is a product of that obsession. In NEA and Blume Ventures, we see ideal partners who believe in our vision of helping small businesses use cloud to cut down operation costs and improve productivity.”
“With more than 300,000 employees across India already getting their payroll processed each month through their SaaS platform, greytHR is well poised to grow through new product offerings and expanding reach,” said Tarun Sharma, New Enterprise Associates India.
Greytip Software enables more than 3,500 businesses manage 300,000+ employees daily. The company’s vision is to reach out to all enterprises and small businesses across Tier I and Tier II cities and help them benefit from automating their people processes.
“Greytip has been a pioneer in developing an SMB-centric solution that's a leader in India already in its space. Scaling this beautifully 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,” said Karthik Reddy, Blume Ventures.
BW Reporters
The author is Senior Correspondent with BW Businessworld
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