PE firm ChrysCapital acquires 75% stake in ProHance Analytics, ventures into Indian SaaS sector

The founders and current senior leadership of ProHance will continue to be part of the business.

PE firm ChrysCapital acquires 75% stake in ProHance Analytics, ventures into Indian SaaS sector

Thursday December 07, 2023,

2 min Read

Private equity firm ChrysCapital has entered the growing software-as-a-service (SaaS) ecosystem by acquiring a 75% stake in B2B SaaS platform ProHance Analytics.

Founded in 2009 by Kishore Reddy and Rajesh Sharma, Bengaluru-based ProHance offers workplace analytics and operations management insights to enterprises and SMBs for informed decision-making.

“We see tremendous potential in ‘India for global SaaS’ given the large developer talent pool and higher adoption of cloud in global enterprises. ChrysCapital is excited to be partnering with an innovative and dynamic company for our inaugural investment in the SaaS sector,” said Rishabh Iyer, Vice President at ChrysCapital Advisors.

The Indian SaaS industry is set to reach $26 billion in terms of revenue by 2026, according to a report by venture capital fund Chiratae Ventures and strategy consulting firm Zinnov.

SaaS platforms like ProHance play a pivotal role in a hybrid workplace, seamlessly connecting and empowering teams to collaborate efficiently regardless of physical location, said Sanjay Jalona, Operating Partner at ChrysCapital Advisors.

Utilising a modular SaaS approach, ProHance strives to enable enterprises to efficiently gauge time and effort contributions. It claims to have over 3.2 lakh users in over 170 enterprises, across 24 countries.

Following the acquisition, the founders and current senior leadership of ProHance will continue to be part of the business, the firms noted in a joint statement.

“We are excited to partner with ChrysCapital as it will empower us to accelerate our global expansion efforts,” Ankur Dhingra, CEO of ProHance, said.

ChrysCapital’s acquisition positions ProHance for expansion into key markets such as the Philippines, Australia, and South America.

The financial specifics of the transaction were not revealed by the companies.

DC Advisory was the financial advisor to ProHance and its shareholders. Cyril Amarchand Mangaldas and Cooley served as the legal counsel for ChrysCapital and EY was the accounting and tax advisor. BLC served as legal counsel, while Aeka Advisors advised ProHance on the deal.

Founded in 1999, ChrysCapital manages $5 billion across nine funds. Last year, it raised a $1.4-billion ninth fund and completed investments, including the acquisitions of IDFC AMC, with Bandhan Bank and GIC, and Xoriant. The firm has backed companies such as Mphasis, HCL Technologies, Infosys, LiquidHub, Cyient, LTI, KPIT, and Infogain.


Edited by Swetha Kannan