The Journey Ahead The State Of Hr Tech Startups In 2019
People Matters|March 2019

What are the challenges being faced by startups in the HR tech space in India when it comes to adoption and expectations? What is the state of HR Tech going to be this year? Read on to find out.

Shweta Modgil

Startups in the HR tech space in the year 2018 shared a unanimous sentiment — it was a good year. From the degree of HR tech adoption to the amount of funds that were allocated for HR tech, the startup space saw and is increasingly experiencing accelerated acceptance in the business ecosystem. Wherein the first quarter of 2018, Degreed, a global platform for discovery, learning & certification of skills, made news by raising $42 mn in a funding round; back home, in the second quarter, Indian corporate social responsibility and sustainability management technology platform, Goodera raised around $12 mn. Following suit was the employee-focused HR tech app Hush that raised multiple funding rounds in the year, termed as major thumbs-up for employee engagement apps. The space also saw significant consolidations taking place. Globally, US-based job review and job hunting website Glassdoor was acquired by a Japanese human-resources and consumer-information provider, Recruit Holdings Co. Similarly, global consulting firm Mercer acquired India based HR tech startup Mettl.

A good year for Indian HR Tech – More awareness, more funds

Over the year, we have talked to a number of startups in the HR Tech space such as game-based learning platform Quodeck, employee engagement startup Hush, sustainable credit provider SalaryFits, engagement startup ZoomLearn, HRMS provider Zimyo, recruitment startups Hyreo, MeraHunar, and HireXP, talent discovery platform Vyre, on-demand video platform Monjin, Zeta which digitizes employee benefits, HR talent marketplace Noble House, among others — A majority of the startups agree that globally as well as in India, there has been a huge spike in interest and fund-flow into the HR tech space. Most of them agree that there has been a marked increase in technology-enabled employee engagement tools amongst the HR community and companies.

In addition, major acquisitions in India and globally point towards interest as well as consolidation in the space. For instance, from Recruit’s $1.2 bn acquisition of Glassdoor to Mercer’s $40.5 mn acquisition of Mettl in the Indian subcontinent, HR tech is now drawing the long due attention it deserved. Incidentally, Mettl’s acquisition is not only one of the biggest HR tech acquisitions from the country but also one of the biggest SaaS acquisitions too, that has drawn international investors’ attention to Indian SaaS startups.

Aye for adoption, aye for technology

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