Employment management platform Multiplier on Wednesday said it has touched $400 million valuation after racking up Series B funding of $60 million (around Rs 456 crore) in a round co-led by Tiger Global and Sequoia Capital India, with DST Global Partners’ participation.
The latest investment brings the Singapore-based firm’s total funding to $77.2 million.
The announcement comes in less than three months since Multiplier’s Series A round which was led by Sequoia India and six months after seed funding, as the company scales globally.
Founded by Amritpal Singh, Sagar Khatri, and Vamsi Krishna in 2020, Multiplier enables companies to hire and pay remote workers while complying with local laws.
“The talent shortage is real and the restrictions due to the pandemic accelerated it. Businesses are finding it hard to hire people with in-demand skills and have opened themselves to the possibility of distributed teams. Meanwhile, candidates have gotten picky about their employers, the actual work, compensation, benefits, flexibility and much more,” Sagar Khatri , CEO of Multiplier said.
“With this new capital, Multiplier will be able to further accelerate its work towards expanding the global infrastructure, garnering meaningful partnerships and adding new capabilities to our platform. Besides, we are also on a hiring spree, looking for an all-star team across countries, departments and levels, helping us pivot at scale and deliver premium experiences to our customers,” he added.
In November 2021, Multiplier raised $13.2 million in a Series A round led by Sequoia Capital India with the participation of existing investors, Deepinder Goyal, co-founder, Zomato, and Amrish Rau, CEO, Pine Labs. The Series A funding for the startup comes just four months after it raised $4 million in funding led by Surge, the accelerator programme of venture capital and growth-stage investor Sequoia Capital, in July 2021.
Startups operating in the broader HR and jobs platform in the country have been attracting venture capital funding. In November, Spottabl, a SaaS-enabled full-stack hiring platform, raised a Rs 3.5 crore (around $450,000) seed funding round from Paradigm Shift VC, Binny Bansal, co-founder of Flipkart, and LetsVenture.
HR-tech startup Leena AI raised $30 million (about Rs 222 crore) in a Series B funding round led by Bessemer Venture Partners and jobs platform Apna became the latest entrant in the growing list of Indian unicorns after raising $100 million (Rs 734.7 crore) as a part of its Series C round led by existing investor Tiger Global Management.
