HR tech start-up Greytip raises $4.87 million from Naukri's parent

Greytip was founded by Girish Rowjee and Sayeed Anjum in 1994. But, it introduced its SaaS-based product, GreytHR, in 2011.

The software helps small and medium-sized businesses (SMBs) to streamline their HR operations and manage payroll processes.

Notably, the company currently generates over 1 million payslips every month and has over 9,000 customers from India and the Middle East.

With this funding, Info Edge will get a 20.25% stake in Greytip on a fully converted and diluted basis.

"We are excited to partner with Greytip," Chintan Thakkar, Info Edge CFO, said after the investment, adding "we believe Greytip has built a strong B2B SaaS business in a segment which has been traditionally underserved and have been tough for technology companies in India to penetrate."

Greytip Software Pvt. Ltd. has been providing HR services from the last two decades and has raised more than $10 million in funding from multiple investors to date.

Prior to the latest investment, the company had received $5.2 million in a Series B round led by investors including US-based New Enterprise Associates (NEA) and Mumbai-based Blume Ventures.