Greytip, an Indian startup providing cloud based HR and Payroll system has announced to raise $5.2 million from New Enterprise Associates (NEA) and Blume Ventures. With the investment, Tarun Sharma from NEA and Karthik Reddy from Blume Ventures will be joining the board. The raised funding will be used to enhance the product by strengthening the technology and to reach out to more potential customers in the coming time.
Greytip was founded in 1994 by Girish Rowjee and Sayeed Anjum. It offers complete employee management from storing their details to managing the tasks, leaves taken, attendance and payroll processing for all the employees. With a focus on small and medium enterprises, the startup hopes to be helping more customers on the technology side.
Prior to the latest round, it had raised an undisclosed amount of funding from Blume Ventures in 2014. With offices in Mumbai, Delhi, Pune, Bangalore, Hyderabad, Chennai and Dubai, it has over 3000 paying customers and over 600 on trial version. Also, in the next 18 months, it plans to sign up over 10,000 paying clients.
Speaking on the investment, Tarun Sharma from NEA stated that Greytip has achieved great number in a short span of time with the help of their meaningful SaaS based solutions and tech based leadership. The same approach made us invest in the vibrant team and we hope to see further success going hand in hand.