Mumbai-based HR tech and SaaS start-up TeamNest has bagged an undisclosed amount in its Series A round from InCred Capital. The latter has acquired a 20 per cent stake in the company after the investment. 

TeamNest is a cross-border, multilingual platform that claims to help businesses of all sectors and sizes to manage their payroll and human resources function more efficiently. The platform has claimed to earn 10 per cent month-on-month (MoM) growth. 

InCred Capital will help TeamNest to enable its reach and enhance its product offerings. This investment will also allow the company to tap into InCred Capital's extensive network in the Indian market, providing the platform with the necessary resources to compete effectively in the HR tech space.

With this investment, TeamNest is expecting to strengthen its footprint in the HR tech market in India.

Commenting on the investment, Saumya Mittal the head, of Structured finance at InCred Capital said, "We are excited to partner with TeamNest and support their growth in the Indian market. With its innovative technology and dedicated team, TeamNest has the potential to transform the HR tech landscape in India, and we are thrilled to be a part of this journey."
 
Prashant Shah, co-founder, CMO, and Director of TeamNest said, "We are delighted to have InCred Capital as our investor and partner in this journey. Their extensive experience and network in the Indian market will be invaluable to us as we work towards capturing the HR tech market in India. This investment will allow us to accelerate outreach across the country, expand our reach, and become the hire-to-retire partner for our customers."