WestBridge Capital invests $57 million in Hyderabad-based HR IT startup Keka in the largest Series A SaaS fundraising round in India to date.
Vijay Yalamanchili and Sashi Pagadala launched Keka HR (which means awesome in Telugu) in 2014 intending to give Indian employers an “amazing” employee experience.
The bootstrapped company offers products and services such as processing payroll, managing expenses, loans, and employee finances; managing talent; attendance; paperwork; HRIS; timesheets; fostering talent through 360-degree assessments, ongoing feedback, and goal-setting; tracking productivity; conducting remote employee and productivity tracking; acquiring talent; and collaborating on hiring and applicant tracking.
At the end of 2021, the company claimed that it had over 5,500 customers.
The organisation, which has an average age of 25, is energised by the enthusiasm of a youthful staff, living to instil the idea of working tirelessly but not aimlessly.
“I believe we raised funding at the right time. We have been the fastest-growing HR tech leader in our space. Although we got several offers for funding in the past, we never felt the timing was right. Finding the right investment partner was also significant for us. We wanted to partner with someone with a long-term vision for the HR tech space,” Vijay Yalamanchili, chief executive of Keka, told The Economic Times.
According to the company, its annual recurring revenue (ARR) surpassed $750,000 in 2017 and its revenues increased sevenfold by 2020.
“In a short period, Keka has emerged as India’s most trusted and innovative HR Tech platform. It is disrupting the industry through its world-class product and highly reliable customer support. We are aligned with their vision to build the best mid-market focused global HR Tech Platform,” Rishit Desai, principal at WestBridge Capital told The Economic Times.
With its software, Keka—often referred to as the “iPhone” of the Indian HR market—is revolutionising the field of human resources. Throughout the odyssey, it has had an impact on businesses such as those in the tech hospitality, gaming, and mobile device industries, among others.