The wealth and asset management arm of InCred Group, which recently forayed into retail wealthtech space, on Thursday said it has bought 20% stake in a Mumbai-based HR SaaS platform.
InCred Capital’s investment is a part of Series A funding round in TeamNest, which will help the platform with resources to compete in the HR tech space.
However, financial details of the transaction were not disclosed.
Explaining the rationale behind its latest investment, InCred Capital said that as businesses in India continue to adopt digital technologies and automate their processes, there is an increasing demand for HR tech solutions that can help manage employee data, payroll, time and attendance and other HR functions more efficiently.
TeamNest is a cross-border, multilingual platform that helps businesses manage their payroll and human resources function more efficiently. With its interface, automated processe, and advanced analytics, the platform has become a popular option in the payroll and HR segment with more 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-retire partner for our customers," said Prashant Shah, co-founder, chief marketing officer and director at TeamNest.
Last month, InCred acquired investment firm Orowealth and is also looking to launch InCred Money.
InCred will take over Orowealth’s assets under management (AUM) of over Rs 1,100 crore, while Vijay Kuppa, co-founder, Orowealth will lead InCred Money as the chief executive officer.
In November 2022, the wealth and asset management division of InCred Financial Services Ltd., InCred Asset Management, announced the first closure of its first credit fund, InCred Credit Opportunities Fund I (ICOF I), to raise about Rs 300 crore.
July also marked the completion of a strategic merger of InCred’s lending business with American private equity giant KKR to combine their retail and micro, small & medium enterprise (SME) financing portfolio.