Human Resource (HR) tech start-up Keka raised $57 million in a series A funding round led by WestBridge Capital. It claimed this is the largest Series A funding raised by an Indian SaaS start-up.
It will use the investment for improving its Research and Development facilities and to hire more staff in the engineering, product and customer success teams.
Prior to this investment, Keka received around $1.6 million from the Recur Club in 2021.
Founded in 2015 by Vijay Yalamanchili, the start-up serves small and medium enterprises (SMEs) with multiple HR activities including recruiting talents, automation of payroll, leave and attendance and performance management. The company offers services in sectors like IT, manufacturing, pharmaceuticals, professional service organizations, accounting, taxation and fintech.
Advertisement
In 2017, Keka touched its 100-customer mark and registered a $0.75 million annualised revenue run rate (ARR). In 2020, the company reached the 5,550 customer mark and reported a 7x growth in its sales, Moneycontrol reported.
Talking about the latest capital infusion the founder and CEO Vijay Yalamanchalli said, “I believe we raised funding at the right time. We have been the fastest-growing HR tech leader in our space. Although we got several offers for funding in the past, we never felt the timing was right. Finding the right investment partner was also significant for us.”
“I believe we raised funding at the right time. We have been the fastest-growing HR tech leader in our space. Although we got several offers for funding in the past, we never felt the timing was right. Finding the right investment partner was also significant for us,” Rishit Desai, principal of WestBridge Capital, told while addressing their decision to invest into the company.
Just one email a week