Apax Partners, a global investment firm focused on the technology, internet, and healthcare sectors, has locked its first private investment in India in more than a year. The private equity firm has invested an undisclosed amount in greytHR, a human resource management system (HRMS) provider.
The strategic investment was made via its Apax Digital Fund II.
The company plans to use the funds to tap into the various growth opportunities in the Cloud-based HR software market.
“greytHR represents the third investment by Apax Funds, after Azentio and IBS Software, in the Indian software sector,” said Anurag Sud, managing director at Apax.
greytHR offers over 40 tools for automating HR, payroll, leave and attendance, and performance management, along with an employee self-service portal and a mobile app. The platform serves over 23,000 customers in more than 25 countries.
Apax’s last investment in India took place in May 2023, when it acquired IBS Software from Blackstone in a $450-million (Rs 3780 crore) deal. Prior to that, it had acquired Infogain from ChrysCapital in 2021.
In 2020, it also acquired the software business of 3i Infotech via Azentio, a newly-formed company owned by an Apax fund.
It exited its investment in Healthium MedTech, selling a stake in the company to KKR-owned funds in May 2024.
Ambit Capital was the exclusive financial advisor to greytHR.
Apax Partners has helped raise over $77 billion in aggregate funding till date and employs over 390 people across seven locations worldwide.
“This funding accelerates our plans to enhance customer experience and R&D efforts by upskilling our employees and expanding our business. We have already started adding and building out AI-enabled modules and other value-added services,” said Sayeed Anjum, Co-founder & CTO of greytHR.
Mark Beith (Partner) and Shashwat Shukla (Vice-President) of Apax Digital will join greytHR’s board of directors, as part of the transaction, which is expected to close in the third quarter of 2024.
