Multiples has acquired majority stake in PeopleStrong
Employees will continue to hold significant minority equity with the rest held by Multiples and HDFC, which remains a key shareholder post this round of investment.
By Prachi Verma, ET Bureau | Updated:
NEW DELHI: Multiples, a private equity firm has made a controlling investment in PeopleStrong through a combination of primary and secondary investments.
According to a release, employees will continue to hold significant minority equity with the rest held by Multiples and HDFC, which remains a key shareholder post this round of investment.
PeopleStrong offers HR technology and solutions and has over 175 customers spread across all major industries. Its key offerings include SaaS based HR Technology PeopleStrong Alt - powered by Mobile App and artificial intelligence, recruitment process outsourcing, and human capital management.
PeopleStrong has an order book of over Rs 500 crore and has been growing at a CAGR of 60% for over a decade, the company stated in a release. "Fresh infusion of capital by Multiples will be used to further strengthen PeopleStrong's technology offering," stated the release.
Multiples is an India-focused private equity firm with over $1 billion under management. Some of Multiples' current investments include multiplex company PVR, e-tailing focused logistics company Delhivery, apparel brands and textiles major Arvind, housing finance company Vastu and leading power exchange Indian Energy Exchange. Arvind, housing finance company Vastu and leading power exchange Indian Energy Exchange.
"Human Resources is the single most differentiator to create value in any enterprise, and as such occupies a central place in the minds of CXOs. We are excited to back PeopleStrong's top quality management team focused on bringing leading edge technology solutions to address this space effectively," Renuka Ramnath, Founder and CEO, Multiples Alternate Asset Management said.
Deepak Parekh, Chairman, HDFC Ltd. said, "It is always great to see entrepreneurial ventures from India scaling up and taking off for their growth journey. PeopleStrong has created an interesting story globally as the HR Technology company from India and we are delighted to be part of it."
According to a release, employees will continue to hold significant minority equity with the rest held by Multiples and HDFC, which remains a key shareholder post this round of investment.
PeopleStrong offers HR technology and solutions and has over 175 customers spread across all major industries. Its key offerings include SaaS based HR Technology PeopleStrong Alt - powered by Mobile App and artificial intelligence, recruitment process outsourcing, and human capital management.
PeopleStrong has an order book of over Rs 500 crore and has been growing at a CAGR of 60% for over a decade, the company stated in a release. "Fresh infusion of capital by Multiples will be used to further strengthen PeopleStrong's technology offering," stated the release.
Multiples is an India-focused private equity firm with over $1 billion under management. Some of Multiples' current investments include multiplex company PVR, e-tailing focused logistics company Delhivery, apparel brands and textiles major Arvind, housing finance company Vastu and leading power exchange Indian Energy Exchange. Arvind, housing finance company Vastu and leading power exchange Indian Energy Exchange.
"Human Resources is the single most differentiator to create value in any enterprise, and as such occupies a central place in the minds of CXOs. We are excited to back PeopleStrong's top quality management team focused on bringing leading edge technology solutions to address this space effectively," Renuka Ramnath, Founder and CEO, Multiples Alternate Asset Management said.
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Deepak Parekh, Chairman, HDFC Ltd. said, "It is always great to see entrepreneurial ventures from India scaling up and taking off for their growth journey. PeopleStrong has created an interesting story globally as the HR Technology company from India and we are delighted to be part of it."
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