Fiscal services firm InCred Capital on Thursday said it has acquired a 20% stake in TeamNest, an HR SaaS platform which helps businesses manage their payroll and mortal coffers functions. “InCred Capital’s investment forms a part of the Series A round in TeamNest and will enable the platform to expand its reach and enhance its product immolations. This investment will also allow TeamNest to tap into InCred Capital’s expansive network in the Indian request, furnishing the platform with the necessary coffers to compete effectively in the HR tech space,” InCred Capital said in a statement.
Saumya Mittal, head of structured finance at InCred Capital, said, “We’re excited to mate with TeamNest and support their growth in the Indian request. With its innovative technology and devoted Team, TeamNest has the ability to transfigure the HR tech geography in India, and we’re thrilled to be a part of this trip”. Explaining the explanation behind its rearmost investment, InCred Capital said that as businesses in India continue to borrow digital technologies and automate their processes, there’s an increasing demand for HR tech results that can help manage hand data, payroll, time and attendance and other HR functions more efficiently. TeamNest is across-border, multilingual platform that helps businesses manage their payroll and mortal coffers more efficiently.
With its interface, automated process, and advanced analytics, the platform has become a popular option in the payroll and HR member with further than 10 month-on-month growth for the last 15 months. “This investment will allow us to accelerate outreach across the country, expand our reach, and become the hire-to-retirement mate for our guests,” said Prashant Shah, co-founder, principal marketing officer and director at TeamNest. Last month, InCred acquired investment establishment Orowealth and is also looking to launch InCred Money.
InCred will take over Orowealth’s means under operation (AUM) of over Rs 100 crore, while Vijay Kuppa, co-founder, Orowealth will lead InCred Money as the principal administrative officer. In November 2022, the wealth and asset operation division of InCred Financial ServicesLtd. InCred Asset Management, blazed the first check of its first credit fund, InCred Credit openings Fund to raise about Rs 300 crore.