Dishi Jain and Ankit Bansal were on a mission. While working in the HR field and in sales and strategy roles, both often worked with founders of startups. Through their journey, they realised that one of the biggest hurdles startups face was the lack of a proper HR process and system.
This is when the duo started to formulate a solution plan. After collecting responses from two different surveys from startups, Jain and Bansal found that 55% had outdated and non-existent HR policies, 85% had unstructured appraisal cycles, 75% had undocumented and unstructured KRAs and KPIs, 60% of had missing and outdated employee engagements, and 85% of founders said they had run out of budget to hire experienced HRs.
Astounded by the high figures, they decided to come up with a service that would handle and help SMEs improve their HR processes.
unHR is a remote HR Shared Service desk for startups and SME founders who are looking to hire their first HR, are troubled by their current HR system, or are in need to augment existing HR capability and capacity.
Founded in the early months of 2022, unHR assigns companies to its HR managers who handle end-to-end HR operations. Every HR manager is accompanied by a team of expert recruiters, lawyers, and accountants to help the client and the client’s employees with any HR-related issues.
The added benefit of unHR is their pricing, says Bansal: their services are available for as low as Rs. 15,000 for 30 hours each month. “Normally if a company were to hire an HR professional on its payroll, it would have to spend somewhere between 45 to 60,000 per month,” Bansal told Entrackr. “The client will receive the same services from us at a much lesser expense.”
The New Delhi-based company, among its variety of services, also provides constructive employee engagements, employee onboarding, and exit formalities, annual & comprehensive HR audits, and HRMS implementation.
Sharing the story of the inspiration behind the name of the company, Jain said, “We wanted a unique name…Ankit came up with it one morning after being inspired by a Dua Lipa song.”
In a country like India where startup fever is booming, the market unHR is aiming at is large and growing. The country is currently home to 77,00 startups and this is expected to grow to 4,00,000 in the next 5 years. This makes unHr’s Total Addressable Market or TAM as wide as Rs 7200 crores.
Despite being set up just a few months back, this B2B company claims they currently have an annual recurring revenue of Rs 50 lakh. It additionally has 3 revenue streams that are retainership, one-time HR process setup, and HRMS implementation.
Being in the HR servicing space, which is not explored in the Indian market, the startup is not up against any local competitors. Internationally, it faces competition from US-based companies like Bambee & Homebase.
unHR plans to invest in building an online interactive platform to manage client engagement and HR Operations in the next six months. In the next five years, it aims to work with over 5000 startups globally and generate over Rs 100 crore in revenue.
Source @Entrackr
