Payroll solutions provider Greytip Software raises Rs 35 crore

The funds will be primarily used to enhance their flagship cloud solution, greytHR to enable its adoption among a wider set of enterprises and small businesses and for expansion into Tier 1 and Tier 2 markets.

HR and Payroll solutions provider Greytip Software, has raised Rs 35 crore in its series B round of funding from New Enterprise Associates (NEA) and Blume Ventures.

Blume Ventures is an existing investor and had funded the company in the first round.

The funds will be primarily used to enhance their flagship cloud solution, greytHR to enable its adoption among a wider set of enterprises and small businesses and for expansion into Tier 1 and Tier 2 markets.

GreytHR helps businesses manage their employee-related TDS, PF, ESI, & LWF compliances and promises to cut down the cost and time.

Girish Rowjee, CEO, Greytip Software says, “In NEA and Blume Ventures, we see ideal partners who believe in our vision of helping small businesses use cloud to cut down operation costs and improve productivity.”

“We are very excited to deepen our investment into Greytip after being their first believers a couple of years ago,” Karthik Reddy, Blume Ventures.

“What impressed us was that GreytHR team has demonstrated their ability to achieve tech leadership and gain meaningful scale in the SaaS based HR and payroll market in India in a short span of time. With more than 300,000 employees across India already getting their payroll processed each month through their SaaS platform, GreytHR is well poised to grow through new product offerings and expanding reach. Their deep presence in the Indian market makes them an ideal platform to benefit from the digitisation of enterprises in India, irrespective of company size, sector or location,” says, Tarun Sharma, New Enterprise Associates India.

Greytip Software enables more than 3,500 businesses manage 300,000+ employees daily. The company’s vision is to reach out to all enterprises and small businesses across Tier I and Tier II cities and help them benefit from automating their people processes.