SaaS-based HR tech startup Greytip raises Rs 34.5 Cr Series C round led by Info Edge

Greytip Software Private Limited (GSPL) which operates HR Automation and Payroll Product, greytHR, has raised Rs 34.5 crore in a Series C funding round led by Info Edge. The round also saw participation from existing investor funds advised by MegaDelta Capital.

Previously, the B2B SaaS-based firm had raised Rs 35 crore in Series B funding from New Enterprise Associates (NEA) and Blume Ventures.

The Bengaluru-based startup will use the fresh proceeds for sales and market expansion and new product innovations. Currently, it operates in 150 cities across India and the Middle East.

Info Edge, through a mix of primary infusion and secondary purchase, would be acquiring 20.25% stake in Greytip on fully converted and diluted basis.

Set up by Girish Rowjee and Sayeed Anjum in 1994, Greytip started focusing on software as a service (SaaS) in 2011. The company's flagship product, greytHR, helps companies to streamline HR operations and efficiently manage their payroll processes and statutory compliances.

With over 9000 customers and 1 million payslips being generated on the platform every month, Greytip Software has become one of the largest players in the SMB HRtech space in India and is becoming the provider of choice for all fast-growing businesses.

Toshiba, Volvo, Dell, foodtech major Swiggy and payment gateway platform Instamojo are notable customers of Greytip.

For the fiscal year ended on March 3, 2019, the company had posted a turnover of Rs 28.31 crore.

Recently, HRtech startup Darwinbox had picked up $15 million in a Series B round led by Sequoia Capital. Some other startups competing directly or indirectly with greytHR are MindTickle, ZingHR, Hush and SumHR.