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ZingHR, a cloud-based human capital management solutions provider, hopes to raise around $10-15 million from PE funds.
The company’s annual run rate, an estimate of annual revenue, is approximately $5 million.
Revenues are on a pay-per-use-per-employee model which means a company pays for the particular service or solution suite that it chooses and is charged on the number of employees it has on its rolls.
Managing finances
According to Prasad Rajappan, Founder and CEO, the funds will be raised primarily to strengthen sales and marketing across regions, for product development and talent acquisition especially at the senior level.
“We have already initiated discussions with PE funds. Two to three rounds have happened. Maybe things will materialise in a month or so,” he told BusinessLine .
“We have been able to manage our finances and develop products at a cost much lower than other product companies,” Rajappan said.
So far, ZingHR has raised around $2.5 million including seed and angel funding and strategic investment by Zeta — a digital payment and meal voucher company.
The company also operates in the Philippines, Singapore, Australia, Saudi Arabia, Dubai, Oman, Qatar and Sri Lanka.
It is now looking at expanding into China and strengthening presence in Australia.
Globally, the hire-to-retire solutions market has a size of $22 billion.
Targeting large enterprises
According to Rajappan, the company will now eye solutions for large enterprises with employee strength of 20,000 and 50,000.
The target clientele includes banks, financial institutions and insurance companies, logistics firms, pharma and retail enterprises.
E-com is another segment that is fast looking at such HR solutions.
As of now, ZingHR solutions are broadly for medium enterprises which have an employee base of 250-1,000; and and for those with more than 1,000 employees.
It is also working on adding new features and products.
For example, it recently added a voice-enabled feature called ‘ZingBolo’, and is looking at multi-lingual offerings including in Arabic.
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