Dynamics has learned that Keka, an Indian human resources startup, has recently announced that it has received a $57 million Series A financing.
The financing, which is understood to be provided by WestBridge Capital, comes just a few months after its last non-dilutive growth financing of $1.6 million.
In response to the use of this financing, Keka said that it will further expand the scale of its technology, product and customer service teams.
Keka was established in 2015, mainly through its SaaS platform to provide local enterprises with solutions related to human resource needs such as salary management, human recruitment, vacation attendance, performance management, etc. According to reports, Keka has provided services to more than 6,500 small and medium-sized enterprises, providing payroll to more than 1.5 million employees every month.
According to Keka, in the period from the end of this year to the beginning of next year, Keka is planning to expand the market to Asia Pacific (including Singapore, Philippines, Vietnam, Malaysia, Indonesia) and the Middle East and Europe, and enter the US market in the middle of next year. .
For context, data points out that the market size of the human resources technology (HR tech) sector in India is expected to grow to $38.3 billion by 2030, up from $23.3 billion last year – of which, earlier this year, local HR tech platforms Darwinbox has joined the unicorn camp with a $72 million Series D funding round.
On the other hand, for comparison, as this column pointed out earlier, with the cooling of the Indian venture capital market in the past six months, large-scale financing events are becoming more and more uncommon (although as an enterprise SaaS field, it may not be so unexpected . ). With this financing, Keka can even become the only company that has received more than $50 million in Series A financing since the third quarter, and zoomed in to this year. This is also the second-highest round of financing this year, second only to Oxyzo. and Rario.
Josh Yang is a Tech Writer who loves helping people understand what's going on in the tech industry. He writes about all things tech, from the newest gadgets to how to get your cat off your keyboard. Josh has been writing since 2013 and enjoys discovering new topics and sharing them with his audience.