InCred Capital acquires 20% stake in HR tech startup TeamNest

“InCred Capital’s investment forms a part of the Series A round in TeamNest and will enable the platform to expand its reach and enhance its product offerings. This investment will also allow TeamNest to tap into InCred Capital’s extensive network in the Indian market, providing the platform with the necessary resources to compete effectively in the HR tech space,” InCred Capital said in a statement.

Saumya Mittal, head of structured finance at InCred Capital, said, “We are excited to partner with TeamNest and support their growth in the Indian market. With its innovative technology and dedicated team, TeamNest has the potential to transform the HR tech landscape in India, and we are thrilled to be a part of this journey.”

TeamNest claims it clocked over 10% month-on-month growth for the last 15 months.

Prashant Shah, cofounder, CMO, and director of TeamNest said that the investment will allow the startup to accelerate outreach across the country, expand its reach, and become the hire-to-retire partner for customers.

“We are delighted to have InCred Capital as our investor and partner in this journey. Their extensive experience and network in the Indian market will be invaluable to us as we work towards capturing the HR tech market in India,” Shah added.

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Earlier in January this year, TeamNest’s competitor Darwinbox raised an undisclosed sum from new investors Microsoft and State Bank of India.The Hyderabad-based HR tech startup received the money last quarter, the company told ET.

The funding extends a collaboration between Microsoft and Darwinbox to build software tools for employee management at enterprise clients with integrations built in via Microsoft Azure, the company said in a statement.

Darwinbox’s clients include Nivea, Starbucks, Dominos, T-Systems, AXA, Cigna, JSW, Adani, Vedanta, Mahindra, SBI General, Shoppers Stop, Kotak, NSE, Makemytrip and Swiggy.