InCred Capital, a leading Indian financial services company, has announced the acquisition of a 20% stake in TeamNest, a rapidly growing HR tech startup. This strategic investment marks InCred Capital’s entry into the HR tech industry and signals its commitment to supporting innovative startups in India.
TeamNest is a cloud-based platform that helps businesses manage their human resources operations more efficiently. The startup offers a range of tools and services, including applicant tracking, employee onboarding, performance management, and employee engagement. Its user-friendly interface and customizable features have won praise from clients across industries, including healthcare, retail, and technology.
InCred Capital’s investment will provide TeamNest with the resources it needs to accelerate its growth and expand its reach. The funding will be used to enhance the platform’s capabilities, increase its sales and marketing efforts, and hire new talent to support its operations. In addition, InCred Capital’s extensive network and expertise in financial services will help TeamNest access new markets and partnerships.
Speaking about the investment, Bhupinder Singh, Founder and CEO of InCred Capital, said, “We are thrilled to partner with TeamNest and support their mission to transform the HR tech landscape in India. The team’s deep understanding of the HR domain, coupled with their cutting-edge technology, has already made them a market leader in a short span of time. We are confident that this partnership will enable them to scale rapidly and deliver even greater value to their clients.”
Nikhil Vij, Founder and CEO of TeamNest, added, “We are delighted to have InCred Capital on board as our investor and partner. Their expertise and experience in financial services will be invaluable as we continue to grow and innovate in the HR tech space. We are excited to work with InCred Capital to bring our platform to more businesses across India and beyond.”
The acquisition of a stake in TeamNest is the latest move by InCred Capital to expand its portfolio of investments in emerging sectors. The company has previously invested in fintech startups, digital lending platforms, and consumer tech companies. With this investment, InCred Capital is poised to take advantage of the growing demand for HR tech solutions in India, which is expected to reach $34 billion by 2024.
Overall, the partnership between InCred Capital and TeamNest is a win-win for both companies. InCred Capital gains access to a promising startup with a strong track record, while TeamNest benefits from the financial and strategic support of a leading financial services company. As India’s tech ecosystem continues to thrive, collaborations like this are likely to become more common, bringing together investors and startups to drive innovation and growth in key industries.
