HR tech startup Kredily has raised $750K in seed capital led by Fosun RZ Capital along with participation from Mohit Tandon, co-founder of Delhivery; Avinash Anand, Former VP Engineering, Zenefits, among others. Kredily helps businesses digitize and automate core HR and Payroll related tasks.
The company plans to use the funds to grow its product and technology along with introducing new features around performance management, expense management, and asset management on its platform.
Kredily was founded in 2017 by Devendra Khandegar and claims to be India’s first and only free forever HR and Payroll software largely targeted towards SMEs who find it difficult to afford HR tools currently available in the market. Unlike other softwares, Kredily remains Free Forever for unlimited employees for its base plan.
"HR Tech is expected to be a billion-dollar industry by 2021 in India. With less than 10% of SMEs equipped with any HR & Payroll software, we see a huge growth potential. We plan to offer this HR solution as a lifetime free software to all small business in the country. In less than a year of launch, Kredily is being used by over 1000 companies managing HR and Payroll for over 50,000 employees. We are seeing very good traction and aim to on-board over 100,000 companies by 2020,” Devendra Khandegar said in a statement.
While being free for its base plan, revenue is generated through a business model called ‘Kredily Bazaar’, which offers employees access to a gamut of financial products like insurance, loans, mutual funds, and other employee benefit options. Kredily Bazaar comes encapsuled within Kredily's HR software as a key feature.
“In Kredily, I see a great market opportunity being targeted by a gritty entrepreneur. Human resource management functions are often the least served verticals for businesses. Companies struggle to manage employees' maintenance, annual appraisals, salary payments, employee rewards, and other critical HR functions. By packaging all HR functions together and offering them completely free to all companies, Kredily holds the promise to disrupt the HR and payroll industry and offers an ecosystem for other financial services and online service companies. This has the potential similar to, and at the same scale that Google Suite has disrupted micro-entrepreneurs' and mid-sized companies' email and document management systems,” Vipin Agarwal, Executive Director - Fosun RZ Capital said.
Kredily’s Advisory Board comprises Nikhil Rungta (former MD Intuit India and Ex-CMO Google, Reliance Jio, Yatra.com) and Sanjeev Sinha (President of India Japan Partnership Fund and Advisor to the Indian High Speed Rail Project).
Kredily says that it is already seeing interest from new investors for its Series A and expects to close the upcoming round by the second half of 2019.