IndiaMART invests Rs 17.01 cr in HR-SAAS platform Zimyo

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B2B Marketplace IndiaMART announced connected Thursday that it has made an concern of astir Rs 17.01 crore successful Zimyo Consulting Private Limited. IndiaMART has stated that the concern is successful enactment with the company's semipermanent nonsubjective of offering respective Software arsenic a Service (SAAS) based solutions for businesses.

Zimyo Consulting, under the marque sanction 'Zimyo', offers SaaS-based quality assets absorption bundle for businesses. This bundle allows users to transportation retired captious HR processes including recruitment and onboarding, payroll management, show management, and time & attendance management. It besides includes worker benefits modules which offers wage advance, idiosyncratic indebtedness and wellness & term security to employees.

The last aggregate shareholding of IndiaMART, station this investment, successful Zimyo would be 10 per cent connected a afloat diluted basis. IndiaMART has subscribed to 1,870 Series A Compulsorily Convertible Preference Shares (CCPS) of look worth of Rs. 10 per CCPS at a premium of Rs 86,306, aggregating to astir Rs. 16.14 crores. It has besides purchased 100 equity shares of look worth of Rs. 10 per equity stock at a premium of Rs. 86,306 aggregating to astir Rs. 0.86 Crores.

Dinesh Agarwal, founder, and CEO of IndiaMART, explained that the COVID-19 pandemic has accelerated the adoption of SaaS based HR Management solutions by caller age arsenic good arsenic accepted businesses. 

He added that isolated from Zimyo's halfway Payroll and attendance absorption modules, IndiaMART besides feels that there is immense imaginable successful Zimyo's cognition of providing broad HR absorption modules and different benefits to employees arsenic good arsenic employers. 

"This concern is different step towards IndiaMART's agelong term cognition of providing a holistic ecosystem for all concern needs, and we are excited to spouse with the Zimyo radical for their adjacent signifier of growth," said Agarwal. 

Commenting connected the concern from IndiaMART, Kumar Mayank, CEO of Zimyo, said "India is location to 1 of the world's youngest populations, which by 2050 is expected to relationship for implicit 18 per cent of the planetary successful work population. Millions of employees of the tiny and mid-size businesses, which signifier implicit 45 per cent of this successful work colonisation is forced to take betwixt paper, oregon HR solutions that aren't designed for them." 

"Zimyo wishes to span the gap. We want to be the go-to HR Platform that one and the other the SMB and the worker chooses for gathering its HR and benefits' needs," helium added. 

Since its listing connected BSE and NSE, IndiaMART has invested successful companies alike arsenic Vyapar, Bizom, Shipway, Legistify, Superprocure, Aerchain, M1xchange, Easyecom, Fleetx, Industry Buying, Realbooks and BUSY. The steadfast has stated that all these investments are portion of IndiaMART's agelong term nonsubjective of offering respective bundle solutions which amended easiness of doing concern for Indian businesses and enterprises.

Also read: IndiaMART to put Rs 91 crore successful logistics SaaS level Fleetx

Also read: IndiaMART to bargain 26% upright successful IB MonotaRO

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