IndiaMart invested INR 17 cr in HRTech startup Zimyo
- ByStartupStory | March 4, 2022
IndiaMart InterMesh limited the largest B2B marketplace of India has made an investment of ~Rs170.1 million in Zimyo Consulting Private Limited. The investment will be executed within a period of 45 days. As part of the funding round, IndiaMART InterMESH intends to invest upto Rs 17.01 crore approximately in Zimyo in the following manner – a) subscribing of 1,870 Series A Compulsorily Convertible Preference Shares (CCPS) of face value of Rs 10 per CCPS at a premium of Rs 86,306 per CCPS aggregating to approximately Rs 16.14 crore; and, b) purchase of 100 equity shares of face value of Rs 10 per equity share at a premium of Rs 86,306 from existing shareholders, aggregating to approximately Rs 0.86 crore.
‘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 & attendance management. It also includes employee benefits modules which offers salary advance, personal loan and health & term insurance to employees. The total turnover of Zimyo for the financial year ended 31 March 2021 stood at Rs 0.8 crore.
Adding to this, “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”, said Kumar Mayank, CEO of Zimyo
IndiaMART InterMESH has invested in companies such as Vyapar, Bizom, Shipway, Legistify, Superprocure, Aerchain, M1xchange, Easyecom, Fleetx, Industry Buying, Realbooks and BUSY. “All these investments are part of IndiaMART’s long term objective.
Indiamart Intermesh Ltd was trading at Rs4,450.45 per piece down by Rs107.7 or 2.36% from its previous closing of Rs4,558.15 per piece on the BSE.
Follow Startup Story
Related Posts
