HROne, a Software-as-a-Service (SaaS) provider for human resource (HR) management, said it raised $4 million in a very Series A round led by Insitor Partners, with participation from Prudent Investment Managers.
HROne plans to use the capital to create a comprehensive platform to cater to all or any possible HR needs(HR Software) within the modern-day workplace and expand into newer and existing markets, the startup said in a very statement.
“HROne is leveraging technology to drive a transformational impact on the formalization of the Indian blue-collar economy. The startup improves well-being, loyalty, and productivity of the workforce within the most capital-efficient, scalable, and sustainable way while helping organizations in their productivity and efficiency improvements,” said Nicholas Lazos, cofounder and CIO of Insitor Partners.
The Noida-based startup was founded in 2016 by Karan Jain. It provides a cloud-based HR-tech platform that automates over 80 processes.
“We aim to use this capital to grow our product capabilities, expand into newer markets, invest in our talent pool and drive a superior customer experience,” said Jain.
“We are within the hyper-growth introduce the Indian HRTech market, and that we will expand into international markets within the near future,” he added.
The company aims to extend its revenue by six-fold within the next three years, per a press release.
Until now, HROne has been bootstrapped, catering to over 900 clients. within the last three years, the company’s revenue has grown by thrice.
“HROne is using technology to drive a sway on the formalization of the Indian blue-collar economy. It improves the well-being, loyalty, and productivity of the workforce. Karan and his team combine product capabilities with an understanding of HR practices in India to supply a worth proposition to its clients," said Nicholas Lazos of Insitor Partners.
HROne has customers including company Bikanervala, appliance firm Haier, women-focused digital community POPxo, and wonder company MyGlamm among others.
"Companies must make HR processes and systems less cumbersome and simple in order that they will implement their organisational policies. HROne, with its interface, will help companies achieve this,” said Prashasta Seth of Prudent Investment Managers.
HROne claims to possess scaled its revenue by 8x within the last three years. It further asserts that it's serving over 900 customers.
In the Indian HRtech space, it competes with the likes of inFeedo, Darwinbox and SalaryBox, among others.
According to a report, the worldwide HRtech industry, which was pegged at $24.04 Bn in 2021, is probably going to become a $35.68 Bn market by 2028. The industry will grow at a CAGR of 5.8% between 2021 and 2028.
Meanwhile, in 2021, the Indian HRtech market captured $3.6 Bn of the world market.
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