Keka, an HR technology platform based in Hyderabad, has raised $57 million from WestBridge Capital, making it the largest series A SaaS funding round in India to date. Keka, an HR technology startup founded by Vijay Yalamanchilli in 2015, is funded entirely through internal means.
Keka, an HR technology business, has raised $57 million, making it India's biggest series A SaaS fundraising round.
Yalamanchilli and his team have already begun taking efforts to improve the product, improve their offers, and strengthen their support for existing customers after successfully securing the unprecedented finance. "We aim to produce a product here in India that is of world-class standard and would appeal to markets all over the globe. "As we continue to grow, R&D will remain our key area of concentration as we build up our engineering, product, and customer success teams," he said.
According to Yalamanchili, being successful in company nowadays entails catering to the needs of both clients and staff. The employee experience has been put on the back burner despite the abundance of technologies that have been developed to address the consumer experience. "It is no longer feasible for companies to operate in such a manner. Our goal is to assist organisations in enhancing their emphasis on their most valuable asset, which is their workforce. In spite of the fact that we have been self-funded during this whole process, we have been able to achieve remarkable success in the industry," he went on to say.
Even though the business had several investment proposals in the past, it never accepted any of them because it did not believe the time was appropriate. "I feel that we were able to get finance at the appropriate moment. The importance of locating the ideal investment partner also cannot be overstated for us. We were looking for a potential business partner that had a long-term perspective on the HR technology industry. I cannot express how relieved I am that we were able to locate the ideal investment partner in WestBridge Capital. "This is not just about securing funding; it is also a validation of our ideas and approach in a world where many funded businesses are struggling to survive," said Yalamanchili. "We are in a world where many funded businesses are struggling to survive."
According to Rishit Desai, Principal at WestBridge Capital, Keka is causing a disruption in the sector because to its exceptional product and very dependable customer care. "We share their ambition of creating the finest global mid-market focused HR technology platform, which will enable businesses all over the globe to modernise their HR procedures, and our goals are aligned with that vision. We are extremely optimistic about Keka's future and are looking forward to a fruitful business relationship with the firm."
Keka, which translates to "amazing" in Telugu, is the name of an HR technology platform in India that caters to small and medium-sized businesses with 20-5000 people. Payroll, hiring, managing leaves and attendance, performance management, and other administrative tasks are made simpler and more efficient by the programme.
Keka broke over the $750,000 annual recurring revenue barrier in 2017 and is on track to achieve a sevenfold increase in sales by the year 2020. This impressive development came on the heels of the company's achievement in 2017 of its 100th client. The firm announced in a statement that it has exceeded the milestone of 5500 customers by the year 2021.
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