Kredily has successfully raised funding to support its mission of providing free HR and payroll software for businesses. The platform offers a range of features designed to streamline HR processes, including attendance management, payroll automation, and expense management.
Keep reading to explore the details of Kredily's funding journey and the investors who are backing this innovative platform.
What Is Kredily?
Kredily, founded in 2017, is headquartered in Bengaluru, India. The company specializes in providing free HR and payroll software designed to streamline human resources and payroll processes for businesses of all sizes.
Founded by Aditya Narayan Mishra and Anuj Saxena, Kredily offers a comprehensive platform that automates tasks such as employee data management, attendance tracking, and payroll processing. The software ensures compliance with tax regulations and labor laws, offering efficiency, accuracy, and data security.
With a growing team, Kredily continues to innovate and expand its offerings, making it a valuable tool for businesses looking to optimize their HR operations.
How Much Funding Has Kredily Raised?
- Funding Round: Seed
- Amount Raised: $1 million
- Date: October 2018
- Lead Investors: Fosun RZ Capital
- Motivation Behind the Round: Fosun provided mentoring, tools, and capital to help Kredily disrupt the market and emerge as a leader in its segment.
Total Amount Raised: $1 million
Current Valuation: Not disclosed
Key Investors
- Fosun RZ Capital
- Details: Fosun RZ Capital is the venture capital arm of Fosun International, a Chinese conglomerate. It focuses on early-stage investments and has a strong presence in the Indian market.
- Investment Focus Areas: Personal finance, logistics, technology, content, human resources management tools.
- Notable Investments: LetsTransport, Delhivery, Ixigo.
- Accel Partners
- Details: Accel Partners is a global venture capital firm that invests in early-stage and growth-stage companies. It has a significant footprint in the technology sector.
- Investment Focus Areas: Technology, e-commerce, SaaS, fintech, healthcare.
- Notable Investments: Flipkart, Swiggy, Freshworks.
- Sequoia Capital India
- Details: Sequoia Capital India is a leading venture capital firm that invests in startups across various stages. It is known for backing high-growth companies in the Indian market.
- Investment Focus Areas: Technology, consumer, healthcare, financial services, SaaS.
- Notable Investments: Byju's, Zomato, OYO Rooms.
- Matrix Partners India
- Details: Matrix Partners India is a venture capital firm that focuses on early-stage investments. It is part of the global Matrix Partners network.
- Investment Focus Areas: Consumer technology, enterprise technology, fintech, healthcare.
- Notable Investments: Ola, Practo, Dailyhunt.
- Blume Ventures
- Details: Blume Ventures is an early-stage venture capital firm based in India. It supports startups with funding, mentorship, and strategic guidance.
- Investment Focus Areas: Technology, consumer internet, SaaS, fintech, healthcare.
- Notable Investments: Unacademy, Dunzo, GreyOrange.
What's Next for Kredily?
As Kredily continues to grow, the opportunities in the HR tech space are vast. With the backing of Fosun RZ Capital, Kredily is well-positioned to tap into the burgeoning market of small and medium enterprises (SMEs) in India. The potential for growth is significant, given the increasing demand for efficient HR management tools among businesses looking to streamline their operations.
Future fundraising opportunities appear promising, especially as Fosun is actively closing deals in India and focusing on mid- to growth-stage investments. This could pave the way for Kredily to secure additional capital, enabling further expansion and innovation. However, the company may face challenges in scaling its operations and competing with established players in the market. Demonstrating substantial growth and market traction will be crucial for attracting further investment and achieving long-term success.
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