TeamNest sells 20% stake to InCred Capital
- ByStartupStory | March 9, 2023
As part of its Series A funding round, financial services company InCred Capital has acquired a 20% stake in TeamNest, a software-as-a-service platform specialising in payroll and human resources. The investment will allow TeamNest to broaden its market reach and improve its range of products.
In addition, InCred Capital’s extensive network within the Indian market will offer valuable resources for TeamNest to compete effectively in the HR tech industry.
Established in 2017, TeamNest is a multilingual platform that operates across borders, utilising advanced analytics to assist companies of all sizes and industries in efficiently managing their payroll and human resources functions.
Prashant Shah, Co-founder, CMO, and Director of TeamNest, expressed his delight in having “InCred Capital as an investor and partner in their venture, noting that the financial firm’s vast experience and network in the Indian market will be an invaluable asset to TeamNest as they strive to capture the HR tech industry in India”.
For the past 15 months, the Mumbai-based platform, TeamNest, has experienced consistent growth of over 10% month-on-month.
Saumya Mittal, the Head of Structured Finance at InCred Capital, expressed excitement about “collaborating with TeamNest and aiding its expansion in the Indian market”. With its devoted team and cutting-edge technology, Mittal believes that “TeamNest possesses the potential to revolutionise the HR tech industry in India, and InCred Capital is eager to play a role in this endeavour”.
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