Hyderabad: In what it claimed to be the largest Series A SaaS (software as a service) fundraising round in India to date, HR IT firm Keka announced on Wednesday that it had secured $57 million in funding from WestBridge Capital.
Keka, a bootstrapped startup based in Hyderabad, was founded in 2016 to develop a solution to meet the practical needs of the industry. By the end of 2021, the business anticipates having more than 5,500 customers.
Keka streamlines, which in Telugu means “awesome.” automates and simplifies several processes, including hiring, leave and attendance, performance management, and payroll.
“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,” said the chief executive of Keka, Vijay Yalamanchili.
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,” said Rishit Desai, principal at WestBridge Capital.
