Cloud-based Human Resources Management software, Qandle, has raised $1.2 million in pre-series A round of investment led by Hong Kong based Venture Capital firm Redwood Internet ventures. The round also saw participation from former Managing Director at Jabong, Arun Chandra Mohan. Owned and operated by Digital Ecom Techno, the company plans to use the funds in product development and market expansion, it said in a statement.
Founded by Chayan Mukhopadhyay and Himanshu Agarwal in 2016, the company offers end-to-end HR services spanning across core HR, talent management, payroll, expenses, security, among many others. Chayan is an IIM bangalore alumnus, while Himanshu is a graduate from IIT Roorkee. Chayan has previously worked in American Express, later he joined Jabong to spearhead the marketplace operations.
The startup claims to have started their operations 5 months back and have acquired customers across different industries (internet, healthcare, logistics, real estate and pharma). It further claims on its website to have clientele including Limetray, Nearbuy, Milkbasket, Wilson learning, among many others.
Qandle has a SaaS based subscription model and the company monetises on the basis of number of employees.
According to a report by Gartner, HR tech market by 2021 will be worth at least $34 billion industry globally. Almost $20 billion of it will be headed by Human Capital management, another $8 billion in the payroll tech and the remaining $6 billion will be the new market that’ll be added to the equation.
All analysts agree that the US market which currently holds 60 percent of the total market share will have 50 percent share by 2021, while APAC and MEA regions are expected to contribute at least one third of the total HCM market.
Japan and China together will be at $2.4 billion, MEA at 0.7 billion, while rest of the APAC will be close to $3.6 billion of which India would be a billion dollar market and the rest $2.6 billion. Looking at the current numbers this would mean that the India’s tech HR market is poised to double up in the next 3 years.