IndiaMART leads Rs 170.1 million investment in Gurugram-based SaaS firm

B2B ecommerce platform, IndiaMart, has announced a lead investment of Rs 170.1 million in SMB-focused SaaS (software as a service) startup, Zimyo Consulting.

Founded in 2018, the Gurugram-based company is a SaaS-based employee experience platform that acts as an end-to-end platform for HR, payroll, performance, engagement, and benefits for small and medium businesses to improve employee engagement, reduce attrition while increasing business performance.

Commenting on this development, Dinesh Agarwal, Founder and CEO of IndiaMART, said, "COVID-19 has accelerated the adoption of SaaS-based HR Management solutions by new age as well as traditional businesses. Apart from their core payroll and attendance management modules, we also feel that there is immense potential in Zimyo’s vision of providing comprehensive HR management modules and other benefits to employees as well as employers."

Kumar Mayank, CEO of Zimpyo, highlighted that they are bridging the gap in human resource solutions for small and medium businesses.

ALSO READ

After two years hiatus, Surajkund Crafts Mela to start from March 19, 20 countries to participate

Over the last few months, IndiaMART has been investing in several companies. Recently, it acquired a 26.01 percent stake in cloud-based account software firm Adansa Solutions for Rs 13.75 crore. It also acquired a stake in the Japanese ecommerce company, IB MonotaRO Pvt Ltd, for 26 percent.

Other companies where it has made investments include Vyapar App, Bizom, Shipway, Legistify, SuperProcure, Aerchain, M1xchange, EasyEcom, FleetX, IndustryBuying, and Busy.

All these investments are part of IndiaMART’s long term objective of offering various software solutions which improve ease of doing business for Indian businesses and enterprises, a statement released by the company said.