It took two decades for the Chennai-based HR tech platform company Adrenalin eSystems Ltd, an Intellect Group company, to achieve revenue of ₹50 crore. However, it will take just three years to double the revenue as demand for digitising HR among clients has been witnessing a steep increase since Covid, said Srinivasa Bharathy, MD and CEO, Adrenalin, which has around 300 employees.
The company, which completed 20 years of its operations early this month, in the first phase, was involved in developing the tech platform; it moved HR capital management to Cloud in the second phase and in the third phase, it forayed into multiple markets, including West Asia and APAC. The fourth phase is about scaling up, he told BusinessLine.
“When we entered the sector, we were the only pure-play HR tech provider, while others focussed on ERP and Customer Relationship Management and HR took a back seat. A few years ago, very large companies invested in HR but the deal size was very minimal. The possibilities for pure-play HR players opened up when Cloud became a real phenomenon,” said Bharathy, when asked about the steep increase anticipated in the next three years. “HR tech is equivalent to ERP today,” he added.
Open HR tech platform
In March 2020, Adrenalin launched its MAX Suite, the first open HR tech platform running on Microservices, an API-based, Cloud-native, and is designed using headless technology platform architecture (MACH). “While the Covid pandemic hit us immediately after the launch, we were still able to add around 100 logos subsequently. Out of the 100 logos, 80 were acquired during the last fiscal,” he added.
MAX, a HR tech platform, automates the entire HR and payroll processes. Over 700 customers from 33 verticals globally and over one million users use the MAX platform. Adrenalin’s clients include IndusInd Bank, Apollo Pharma, IDFC FIRST Bharat Ltd, Shoppers Stop, Mitsubishi Electric, KIMS Hospital, Marks & Spencer, federal authorities in Abu Dhabi and Abu Dhabi Aviation, he said.
There is a lot of traction now in the HR tech space; in fact, HR tech has become a ‘must have’ for an organisation. After ERP, which takes care of the business process, digitising HR is now the second choice that takes care of employees. Today, ‘employee experience’ has become a top priority for companies, he said.
HR in the post-pandemic era
In the post-pandemic normal, HR functions have had to adapt rapidly to keep pace with the evolving demands of a hybrid work environment, he said.
In the next three years, the company’s focus is to increase field force, expand the partner ecosystem and improve user experience, he said.