InCred Capital Secures a 20% Stake in the HR Tech Startup TeamNest

On Thursday, InCred Capital, a wealth management and asset management platform supported by InCred Group, disclosed its investments in TeamNest, a startup providing payroll and human resources software. InCred Capital will own 20% of the company after the investment.   The most recent investment is a part of TeamNest’s Series A financing.

• The company will make even more use of InCred’s extensive network and expand its platform in an effort to strengthen its position in the HRtech sector
• The money raised will be used by TeamNest to increase its visibility and improve its product line.
• The modification comes two months after InCred paid cash alone for Orowealth’s wealth management software.

Fintech startup InCred Capital has acquired a 20% stake in TeamNest, a startup that provides HR technology.  Although the company withheld information on the deal’s financial details, it did say that the acquisition investment represents a component of TeamNest’s Series A funding round.

TeamNest plans to expand its product offering and market reach with the funds raised. It will continue to rely on InCred’s vast network and increase the resources accessible on its platform in order to strengthen its position in the HRtech sector.

TeamNest is a cross-border, multilingual platform that helps businesses of all sizes and sectors run their payroll and human resources departments more efficiently. With over 10% month-over-month growth for the previous 15 months, the platform has gained popularity in the Payroll and HR area thanks to its user-friendly design, automated procedures, and extensive analytics.

As mentioned above, the modification comes two months after InCred paid cash in full for Orowealth’s wealth management software.

InCred, a leading tech startup founded in 2016 by former banker Bhupinder Singh, provides loan facilities to retail businesses and MSMEs. Some of the financial solutions it provides are loans for personal, residential, educational, SME, and two-wheeler use.

“We are excited to partner with TeamNest and support their growth in the Indian market. With its innovative technology and dedicated team, TeamNest has the potential to transform the HR tech landscape in India, and we are thrilled to be a part of this journey”, said Saumya Mittal, head of Structured Finance at InCred Capital.

On the other hand, Mahesh Jethani, Prashant Shah, and Saakar Yadav of Mumbai founded the TeamNest payroll and HR SaaS platform in 2017 to help firms manage their payroll and human resource requirements.

“We are delighted to have InCred Capital as our investor and partner in this journey. Their extensive experience and network in the Indian market will be invaluable to us as we work towards capturing the HR tech market in India. This investment will allow us to accelerate outreach across the country, expand our reach, and become the hire-to-retire partner for our customers, said TeamNest co-founder, director, and CMO Prashant Shah.

The startup claims that over the past 15 months, growth has increased by more than 10% month-over-month (MoM).

It competes in India with companies like DarwinBox, a unicorn in HRtech, and inFeedo, which is financed by Jungle Ventures.

Market research company IMARC Group predicted that the Indian HRtech market would be valued at $940 million in 2022. The industry would have grown by 9.5% CAGR by 2028, reaching $1,640 Mn.

As a result, it claimed, HR IT firms in India have a fantastic potential to capitalize on this expanding demand by developing products that cater to the particular demands of Indian enterprises.