Exclusive: Multiplier set to raise $60 Mn from Tiger Global, DST and others

Recruitment and employment management startup Multiplier is in advanced talks to raise fresh funding from new and existing investors, according to three people aware of the development. This will be the second round for the firm in the past four months.

“Multiplier is set to raise $60 million in a new round that will see new investors including Tiger Global and DST. Existing investors Sequoia and others will also participate,” said one of the sources requesting anonymity. 

Eighteen months-old Multiplier is a professional employment organization (PEO) platform that provides solutions for companies to hire talent from anywhere in the world. The Singapore-registered company manages the complexities of local compliance, labor contracts, payroll, benefits and taxes in over 100 countries.

According to Multiplier, it has its own legal infrastructure that helps companies expand their team across any number of countries quickly and without establishing a local legal entity. The company currently operates across APAC, including India, the Philippines, Vietnam, Thailand, Indonesia, and Sri Lanka.

“The transaction is likely to be closed in a few weeks from now and the deal will value Multiplier in the range of $400 million,” said the second source, requesting anonymity.

Multiplier declined to comment on the story. Queries sent to Tiger Global, DST and Sequoia did not elicit an immediate response. We’ll update the story in case they do.

Founded by Amritpal Singh, Sagar Khatri, and Vamsi Krishna, Multiplier has raised $17.2 million till date. In November 2021, the company had scooped up $13.2 million in a Series A round led by Sequoia Capital India. Multiplier was part of Surge’s fifth cohort and had raised $4 million from Sequoia India, Golden Gate Ventures, MS&AD Ventures, Picus Capital and a few angels such as  Kunal Bahl, Rohit Kumar Bansal, Deepinder Goyal and Amrish Rau in July.