The private equity business of Goldman Sachs Alternatives has acquired a majority stake in Gurgaon-based PeopleStrong, a technology-led human resources services provider, from Renuka Ramnath-led Multiples PE.
Goldman Sachs didn’t disclose the terms of the acquisition. Multiples PE owned close to 90% of the company along with its limited partners. It had acquired a majority stake in PeopleStrong in 2017 for close to Rs 400 crore.
PeopleStrong, a SaaS platform operating within the human capital management space, offers an AI-powered platform that functions across applicant tracking systems, payroll, employee experience, and talent management. It serves clients in industries like financial services, retail, aviation, healthcare, and manufacturing.
“We stand out today as one of the few EBITDA-positive SaaS companies with a leading market position,” said Sandeep Chaudhary, CEO of PeopleStrong.
Currently, the company serves over 2 million individual users and is targeting 10 million users globally over the next five years.
PeopleStrong has catered to over 500 large enterprises across Asia Pacific. Its tech capabilities span the employee lifecycle from hiring to exit, including human capital management, payroll, and talent management.
In the past, the company had raised capital from HDFC Ltd. It also previously raised funding from angel investors including former Genpact chief Pramod Bhasin and Aditya Birla Group’s Santrupt Mishra. Besides, it had mobilised capital from The HR Fund and Chicago-based venture fund AAA Global Ventures, according to its website.
Goldman Sachs has been an active investor in India, deploying more than $8.5 billion in alternative capital since 2006.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets to institutions, financial advisors, and individuals. The private equity business of Goldman Sachs Alternatives has invested over $75 billion since inception in 1986.
