Keka, Hyderabad-based HR tech firm months after it raised $1.6 million in non-dilutive growth capital from Recur Club, a subscription-based financing platform has raised $57 million in a series A funding from WestBridge Capital.
The startup plans to invest in research and development and expand engineering, product, and customer teams following the latest fundraising.
The Company was Founded in 2015 by Vijay Yalamanchili and is focused on providing HR-related solutions that aim to streamline and automate payroll, recruiting, leave and attendance, performance management, and more.
According to reports from Keke, the company had reached the 100 customer milestone in 2017 and By 2021, it had more than 5,500 customers.
The company currently facilitates payrolls of more than 1.5 million employees every month, the startup said in a press release. Some of its prominent clients include upGrad, RazorPay, Dream11, and Hitachi, among others.
According to an estimate, HR-tech startups have secured over $600 million in investments since 2020. Keka is looking to tap into India’s booming HR tech market, which was valued at $23.32 billion in 2021. The market is poised to hit $38.36 billion by 2030. Unsurprisingly, there is a rising interest in investors as well.
Some other popular HR tech platforms in India are iMocha, Advantage Club, Belong, and PeopleStrong.
HR tech firm Darwinbox In January, became the fourth unicorn of the year following $72 million in its Series D round led by Technology Crossover Ventures (TCV) along with participation from existing investors Salesforce Ventures, Sequoia India, Lightspeed India, Endiya Partners, 3One4Capital SCB 10X and JGDEV
