The fresh infusion of capital by Multiples will be used to further strengthen PeopleStrong’s technology offering.
Private equity firm Multiples has made a controlling investment in PeopleStrong through a combination of primary and secondary investments. The deal is estimated to be around Rs 400 crore.
In February, HRKatha had reported on the possibility of this merger.
PeopleStrong an HR Technology and Solutions company boasts of over 175 customers spread across all major industries. It claims to have an order book of upwards of Rs 500 Cr and that it has been growing at a CAGR of 60 per cent for over a decade.
With the current round of Investment, employees will continue to hold significant minority equity with the rest held by Multiples and HDFC, which remains a key shareholder. This should be one of the largest deals in the fast-growing HR technology industry, both in size and scope. An official communiqué states that fresh infusion of capital by Multiples will be used to further strengthen PeopleStrong’s technology offering.
Multiples has over US$1 billion under management. Some of its current investments include multiplex company PVR, e-tailing focused logistics company Delhivery, apparel brands and textiles major Arvind, housing finance company Vastu and leading power exchange Indian Energy Exchange.
Renuka Ramnath, founder and CEO, Multiples Alternate Asset Management, says, “Human Resources is the single most differentiator to create value in any enterprise, and as such occupies a central place in the minds of CXOs.”
Deepak Parekh, Chairman, HDFC, says. shared “It is always great to see entrepreneurial ventures from India scaling up and taking off for their growth journey. PeopleStrong has created an interesting story globally as the HR Technology company from India and we are delighted to be part of it.”
Pankaj Bansal, Co-founder & CEO, PeopleStrong comments, “With this round of investment, we embark on the next level of growth towards creating version 3.0 of PeopleStrong and we are all excited to have Multiples and HDFC fund with us as we go ahead.”