ZingHR, the Microsoft-accelerated HR tech startup, has managed to receive funds to the tune of US$10 million from Tata Capital Growth Fund II, the private equity fund of Tata Capital. As a result, Tata Capital Funds, gets a 33 per cent stake in the Company.
The SaaS platform plans to use this investment to expand to more geographies, upgrade its technology and strengthen the quality of its talent pool.
Prasad Rajappan, MD & CEO, ZingHR, reveals, “We have clocked phenomenal growth in the past few months, and this funding will further bolster our efforts to expand our footprints across the globe”.
The startup has been leading tech-driven transformation in the HR domain, helping organisations align their automation transitions with desired business outcomes, while enhancing employee experience.
This HRTech venture has over 400 employees, more than 600 customers, and over two million active users. Its solutions help end-to-end processes in HR through artificial intelligence (AI), as well as machine and deep learning algorithms, which help improve employee performance and drive efficient processes covering, recruitment, leaves, attendance, payroll and claim management.
Helping organisations go beyond automation, it helps them come up with solutions that directly impact business outcomes – Outcomation™?.
Akhil Awasthi, managing partner, Tata Capital Growth Fund believes, “adoption of SaaS-based processes will decide future winners as businesses go digital.”
The ‘Outcomation’ approach focuses on tangible business outcomes than merely automation of people processes. ZingHR, which was established in 2014, serves hundreds of enterprises with a million employee records offering vertical specific solutions for BFSI, retail, services, IT-ITES, staffing, pharma and healthcare, and manufacturing. It offers complete solutions in HR using artificial intelligence, machine and deep learning algorithms. Apart from India, the cloud-tech HR firm has a strong presence in the Middle East, South East Asia and Australia, and will soon expand to Europe, Africa and the US.