If employees are the heartbeat of a company, then HR professionals are its heart.
The modern business world is very competitive. That is why HR professionals need to stay on top of their game to make insightful business decisions.
To make insightful decisions, so that the workplace environment remains healthy and brings the best out of every employee, companies are opting for tech-based solutions, in short, HR Tech.
Detailed Scenario of HR Tech Industry In India
With the increase in the number of HR Tech startups in India, HR Tech industry in India has seen a lot of growth in the past few years.
As per a report, the HR Tech industry is expected to reach $34 billion by the year 2021. And, around $3.6 billion worth of that business is expected to come from Asia including India.
Tracxn estimated that between the year 2012 to 2016, over Rs 1,000 crore was invested by VCs in Human Resources startups.
And, in 2019, around $116 million was invested in Indian HR Tech startups.
Now, let’s have a detailed look at the HR Tech Industry In India.
Some HR Tech Startups in India
Started in 2015, Darwinbox offers an end to end HR system and allows enterprises to manage the entire employee lifecycle on one unified platform.
Founded by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, Darwinbox is focused on solving the challenges of people management in large and diverse organisations that have complex structures using the best of technologies.
Founded by Rohit Tewari and Jaspreet Oberoi, ReferHire is a global peer to peer hiring network.
ReferHire enables users to tailor build their hiring network by connecting with peers in specific companies of interest.
ReferHire claims to have a community of more than 600,000 professionals and 95,000 companies across various industries.
This Indian HR Tech startup has generated around 1 million job views and matched over 225,000 jobs and candidates with each other.
Founded in 2016 by Satyabrata Sethy, Navneet Singh, Nitish Rao, and Prateek Jha, Avsar is an Indian HR Tech startup and calls itself a ‘young next-gen HR Service provider’.
This HR tech startup provides services like volume hiring, contractual staffing, lateral hiring, CXO and executive search, campus recruitment, etc.
Started with a team of 12 members, and 4 clients, this HR Tech startup, now, has a presence in 180+ locations across 14 major industries.
Avsar has served over 150 clients and is still counting. Some of its clients include Amazon, Google, HDFC Bank, Flipkart, Udaan, BharatPe, Google Pay, Dunzo, Swiggy, Zomato and BigBasket.
Founded by Prasad Rajappan in 2014, ZingHR provides HR software that combines technology and effortless Cloud HRIS solutions to cover the entire spectrum from Hire-to-Retire processes.
ZingHR claims to have empowered over 1 Million Employee Records across 550+ companies worldwide.
Started in 2017, this HR Tech startup is working with a vision to create the right workplace experiences for companies to let them achieve their strategic objectives.
Founded by Riti V. Srivastava and Ashish Manchanda, the startup has a tech platform, Agnya, that provides actionable insights by identifying workplace experience and its driver and helps to increase employee productivity.
Culturro enables companies to assess, execute and measure workplace experiences through its proprietary methodologies.
Growth Opportunities For Entrepreneurs In Indian HR Tech Industry
Following points show us why there are numerous growth opportunities for entrepreneurs who are intending to venture in the Indian HR Tech industry.
- Increasing demand for efficient and focused recruitment methods
- Need for convenience and easy access to employees’ data.
- Asian HR Tech industry is estimated to be at $9 billion and it still has a huge potential to grow.
Recent Funding In Indian HR Tech Startups
Founded by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni in 2015, Darwinbox offers an end to end HR system and allows enterprises to manage the entire employee lifecycle on one unified platform.
Total Funding Raised by Darwinbox– $19.7 Million
Recent Funding Raised by Darwinbox– $15 Million
Started in 2012 by Subhendu Panigrah, Prashant Koirala and Rajesh Rai,Skillenza is a one-stop online platform for networking, peer learning, community building, social connections, hackathons, coding challenge, assessment, and challenge-based rewards.
Total Funding Raised by Skillenza– $2 Million
Recent Funding Raised by Skillenza– $ 1Million
Founded in 2017 by Devendra Khandegar, Kredily is a Human Resources Management and Payroll software for enterprises.
Kredily helps enterprises to automate their workflows and optimize business expenses.
Total Funding Raised by Kredily– $750k (seed funding, recent)
Founded by Kumar Mayank and Ajay Kadyan in 2018, Zimyo is an Indian HR Tech startup that is working with a mission to empower organisations with solutions to manage and retain talent.
Recent Funding Raised by Zimyo– Undisclosed Amount
Some HR Tech magazines
Incubators and Accelerators for HR Tech Startups in India
Many Indian incubators and accelerators are offering various programs to help startups in the HR Tech sector.
These incubators and accelerators help startups in funding, mentoring, co-working space, networking and marketing, etc.
Some of the prominent incubators and accelerators for HR Tech startups in India are:
- Prime Venture Partners
- Indian Angel Network
- Amity Innovation Incubator
- Centre for Innovation Incubation and Entrepreneurship
Growth Forecast and Future of Indian HR Tech Industry
With the increasing need for efficient and focused recruitment methods, the demand for HR Tech in India will be unprecedented in future.
Reports are predicting that the HR Tech industry is expected to reach $34 billion by the year 2021.
As technology changes fast and delivers more improved solutions, the demand for the Human Resources Management System will increase.
And advancements in cloud, machine learning, IoT, AI, virtual reality, augmented reality and more such technologies will provide better and provide solutions for enterprises.