Zimyo Consulting Pvt Ltd, which operates software-as-a-service (SaaS) platform for human resource management, Zimyo, said it has raised around Rs 17 crore from business-to-business (B2B) marketplace IndiaMART Intermesh Ltd.
Dinesh Agarwal, Founder and CEO of IndiaMART, said in a statement that this investment is another step towards the company's long-term vision of providing a holistic ecosystem for all business needs.
IndiaMART, one of India’s oldest internet companies, has been actively investing in startups since its listing in 2019. The company has invested over $100 million in startups in this fiscal ending March 31, 2022, according to a VCCircle analysis recently.
Kumar Mayank, CEO of Zimyo, noted in the statement that India is home to one of the world’s youngest populations, which by 2050 is expected to account for over 18% of the global working population.
"Millions of employees of the small and mid-size businesses, which form over 45% of this working population is forced to choose between paper or HR solutions that aren’t designed for them. Zimyo wishes to bridge the gap. We want to be the go-to HR platform that both the SMB and the employee chooses for meeting its HR and benefits’ needs," added Mayank.
Founded in 2018, Zimyo offers SaaS-based human resource management software for businesses. It allows users to carry out critical HR processes including recruitment and onboarding, payroll management, performance management, and time and attendance management.
Zimyo has previously raised funding from BEENEXT, AngelList and Yatra Angel Network and angel investors such as Kunal Shah, Sweta Rau, among others.
Founded in 1999, IndiaMART is an online B2B marketplace, connecting buyers with suppliers. During FY 21, the company had consolidated revenue of Rs 756 crore and profit after tax of Rs 280 crore.
Earlier this month, IndiaMART picked up a 26% stake in the industrial e-commerce platform IB Monotaro Pvt Ltd (IMPL) for Rs 104.2 crore. It has also bought a 26% stake in Adansa Solutions Pvt Ltd, which operates an accounting software brand Realbooks.
IndiaMART also led Series B funding of $19.4 million (around Rs 145 crore) in Fleetx Technologies, which runs fleet management platform Fleetx.io, this month.