Kredily raises $750k as seed funding led by Fosun RZ capital

HR technology startup, Kredily, has received a funding of $750,000 (Rs 5.21 crore at current exchange rate) in seed capital, led by Fosun RZ capital. Mohit Tandon, the co-founder of Delhivery, a logistics and supply chain services company, and Avinash Anand, former VP-engineering, Zenefits, a payroll software platform, also participated in this round of funding.

Fosun RZ capital is an affiliate of Chinese conglomerate, Fosun Group.

Kredily was founded by Devendra Khandegar, an IIT Kanpur and IIM Lucknow alumnus. The Company helps to automate HR and payroll tasks for businesses. The payroll services of the Company directly targets SMEs and also generates revenue through Kredily Bazaar, which offers a gamut of employee benefit services, including insurance, loans and mutual funds with a bundle of HR software.

The Company plans to use this funding to improve the offerings of its HR software platform. It will now include new features around performance management, asset management and expense management.

Kredily’s platform allows businesses to manage employee data, attendance and leaves, automate payroll processes, generate salary slips and handle statutory complaints.

The Company claims to manage the HR and payroll processes of over 1000 companies, with around 50,000 employees. Now, after this phase of funding, it aims to cater to 100,000 companies by 2020.

The advisory board of Kredily comprises veterans including Nikhil Rungta, former MD, Intuit India and Ex-CMO Google, Reliance Jio, Yatra.com; and Sanjeev Sinha, president, India Japan Partnership Fund and advisor to the Indian High Speed Rail Project.

Kredily says that already there are new investors who are showing interest in investing in the company and is looking to close its Series A round of funding by 2019.