ChrysCapital Ventures into SaaS Sector with 75% Stake Acquisition in ProHance
- ByStartupStory | December 8, 2023
Private equity firm ChrysCapital has successfully acquired a substantial 75 per cent stake in ProHance Analytics, a leading business-to-business software-as-a-service (B2B SaaS) platform specializing in workforce analytics and operations enablement. This strategic move marks ChrysCapital’s entry into the burgeoning Indian SaaS ecosystem, valued at an impressive $12 billion, according to the firm’s official statement.
Distinguished by its remarkable growth, the Indian SaaS sector has surpassed global market growth, currently holding a 5 per cent market share. Analysts predict this figure to rise to 8 per cent by the year CY27.
ProHance Analytics, founded in 2009 by ProHance Kishore Reddy and Rajesh Sharma, stands as a prominent workplace analytics and operations management platform. The platform caters to both enterprise and small- to mid-size business clients, offering insights through its worktime module, asset optimization module, and analytics module. Boasting a user base exceeding 3.2 lakh across 170 enterprises spanning 24 countries, ProHance caters to clients in both India and the United States.
With ChrysCapital’s acquisition, ProHance is poised to capitalize on its current success and strategically expand into key markets, including the Philippines, Australia, and South America. ChrysCapital reports that ProHance has experienced an impressive growth rate exceeding 50 per cent.
Notably, the founders and current senior leadership of ProHance will continue to be integral parts of the newly acquired unit. Ankur Dhingra, CEO of ProHance, expressed excitement about the partnership with ChrysCapital, emphasizing how it will empower the company to accelerate global expansion efforts and align seamlessly with its vision of becoming a market leader.
Sanjay Jalona, operating partner at ChrysCapital Advisors, highlighted the pivotal role platforms like ProHance play in the hybrid workplace. He noted their ability to connect and empower teams efficiently, irrespective of physical location, citing personal experience as one of ProHance’s largest clients in prior organization
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