InCred Group-backed wealth management and asset management platform, InCred Capital, has acquired a 20% stake in a Payroll and HR SaaS startup, TeamNest.
The investment from InCred will help TeamNest to expand its reach and enhance its product offerings. In addition to this, The investment will allow TeamNest to tap into InCred Capital’s extensive network in the Indian market, providing the platform with the necessary resources to compete effectively in the HR tech space.
Founded in 2017 by Mahesh Jethani and Prashant Shah, TeamNest is a cross-border, multilingual platform that uses advanced analytics to help businesses of all sectors and sizes manage their payroll and human resources function efficiently.
Prashant Shah, Co-Founder, CMO, and Director of TeamNest said, “We are delighted to have InCred Capital as our investor and partner in this journey. Their extensive experience and network in the Indian market will be invaluable to us as we work towards capturing the HR tech market in India.”
Saumya Mittal, Head, Structured Finance at InCred Capital said, “We are excited to partner with TeamNest and support their growth in the Indian market. With its innovative technology and dedicated team, TeamNest has the potential to transform the HR tech landscape in India, and we are thrilled to be a part of this journey.”
Commenting on the investment, InCred Capital said as businesses in India continue to adopt digital technologies and automate their processes, there is an increasing demand for HR tech solutions that can help manage employee data, payroll, time and attendance, and other HR functions more efficiently.
Source @Indianstartupnews
