As businesses in India increasingly adopt digitalization and automation in their operations, the HR SaaS companies has emerged as a significant player in the country’s tech landscape.
Whether you are an HR professional looking for a suitable SaaS solution or an investor interested in the HR technology industry or you’re just plain curious, this blog will provide you with the necessary market insights and trends in the Indian HR SaaS space. So, let’s get started!
Highlights:
- The India human resource (HR) technology market size reached US$ 940 Million in 2022. Expected to reach US$ 1,640 Million by 2028, exhibiting a growth rate (CAGR) of 9.5% during 2023-2028.
- According to the India Skills Report 2022 (done by Wheebox in partnership with AICTE and CII), only 48.7 per cent of total youth in India is employable. This means almost 1 out of 2 Indian youths are not employable and need to find new ways to upskill.
In this blog, we present you with a Comparable Company Analysis Report, comparing GreytHR vs HONO vs ZingHR. Chosen within the revenue ranging from 550Mn to 800Mn and valuation ranging from 1900Mn to 2300Mn.
Including data driven insights into;
- Company comparables as last reported
- Revenue over 5 years (INR mn)
- YoY growth % over 5 years
- EBITDA % over 5 years
- Post money valuation over the years (INR)
- Post money valuation to Trailing Revenue multiples over the years
In the last couple of years, the Indian HR SaaS companies has garnered significant investments, which can be attributed to the Covid-19 pandemic and the resulting remote work culture. This sector has not only sustained but also witnessed substantial growth due to the adoption of innovative technologies.
Experts suggest that the HR Tech industry is currently undergoing a massive technological revolution.
Here are some of the factors that are fueling the change:
- Digital transformation: There is an increased focus on automation of HR processes such as recruitment, onboarding, performance management, and payroll administration.
- Shift towards employee experience: Companies are becoming more employee-centric and are placing greater emphasis on creating a positive employee experience.
- Growing demand for HR analytics: HR departments are increasingly using data analytics to make informed decisions about talent acquisition, retention, and development.
- Focus on upskilling and reskilling: Companies are investing in training and development programs to ensure that employees have the necessary skills to stay relevant in the fast-changing job market.
- Diversity and inclusion: Companies are implementing policies and programs to promote diversity and create a more inclusive work environment.
- Gig economy: The gig economy is growing in India, and companies are increasingly relying on freelancers, contractors, and temporary workers to meet their staffing needs.
- Increased focus on mental health:There is an increased focus on providing resources and support for employees to improve their mental health.
Data Curation & Report - Sharath B Shetty Visualisation - Shradha Naik SEO - Anshi Agarwal Article - Ananth Monnappa
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