Greytip Software, a cloudbased HR and payroll processing company, has raised Rs 35 crore in a Series-B funding round from New Enterprise Associates (NEA) and Blume Ventures. Following this, Tarun Sharma, Managing Director — India, NEA and Karthik Reddy, managing partner, Blume Ventures, will join the board of Greytip Software, said CEO Gireesh Rowjee.

“Greytip has been a pioneer in developing an SMB-centric solution that is a leader in India already in its space. Scaling this to both large enterprises now and regional markets across Asia, we are very excited to deepen our investment into Greytip after being their first believers a couple of years ago.” said Blume Ventures’ Reddy.

The fund had earlier invested an undisclosed sum in the company in 2013 in its Series-A round. Rowjee said that the funds would be used primarily towards enhancing the existing product, and to reach out to a larger segment of the market.

The company provides a cloud-based solution, greytHR, to small and medium enterprises to manage their payroll and other human resource processes online, focusing only on the technology and not the services side of the business. At present, it has 3,000 paying customers with another 600 using it on a trial basis across 60 cities and aims to take this to 10,000 organisations over the next 18 months.

“What impressed us was that GreytHR team has demonstrated their ability to achieve tech leadership and gain meaningful scale in the SaaS-based HR and payroll market in India in a short span of time. Their deep presence in the Indian market makes them an ideal platform to benefit from the digitisation of enterprises in India, irrespective of company size, sector or location,” said NEA’s Sharma.

Source: The Economic Times