[Funding alert] HRTech startup Kredily raises $750,000 in seed funding led by Fosun RZ Capital
HRTech startup Kredily announced it has raised $750,000 in seed capital, led by Beijing-based Fosun RZ Capital, and saw participation from Delhivery Co-founder Mohit Tandon and Avinash Anand, Former VP Engineering at Zenefits, among others.
The company plans to use the funds to grow its product and technology along with introducing new features around performance management, expense management, and asset management on its platform.
Founded in 2017 by IIT Kanpur and IIM Lucknow alumnus Devendra Khandegar, Bengaluru-based Kredily helps businesses digitise and automate core HR and payroll related tasks.
Speaking on the fund raise, Devendra Khandegar, CEO of Kredily said,
"HR Tech is expected to be a billion-dollar industry by 2021 in India. With less than 10 percent of SMEs equipped with any HR and Payroll software, we see a huge growth potential. We plan to offer this HR solution as a lifetime free software to all small business in the country.”
Kredily claims it is being used by over 1,000 companies managing HR and payroll for over 50,000 employees.
After this fund raise, the company is aiming to on-board over 100,000 companies by 2020.
“By packaging all HR functions together and offering them completely free to all companies, Kredily holds the promise to disrupt the HR and payroll industry and offers an ecosystem for other financial services and online service companies. Kredily has the potential to get the same scale that Google Suite has achieved through disrupted micro-entrepreneurs' and mid-sized companies' email and document management systems,” explains Vipin Agarwal, Executive Director, Fosun RZ Capital.
Through Kredily’s platform, businesses can manage employee data, track attendance and leave, automate monthly payroll, generate salary slips, and stay statutory compliant.
Kredily generates revenue through its unique business model ‘Kredily Bazaar’, which offers employees access to a gamut of financial products like insurance, loans, mutual funds, and other employee benefit options.
Kredily’s Advisory Board comprises of industry veterans including Nikhil Rungta, former MD, Intuit India and Ex-CMO Google, Reliance Jio, Yatra.com; and Sanjeev Sinha, President of India Japan Partnership Fund and Advisor to the Indian High Speed Rail Project.
Kredily also claims it is looking to close its Series A round by the second half of 2019.