InCred Finds 20% Stakeholding In Mumbai HR Tech Startup

InCred group’s arm responsible for wealth and asset management, which recently forayed into retail wealth-tech space, announced that it bought a 20% stake in a Mumbai-based HR SaaS platform last month. 

The financial services group, InCred, backed by wealth and asset management platform- InCred Capital, announced last month that it has invested in a Payroll and HR SaaS Startup, TeamNest. However, the financial details of the transactions are not disclosed yet. After this investment, InCred Capital will own 20% stakes in the company. With the fresh capital, TeamNest will be able to tap into the extensive network of InCred in the Indian market, expanding its reach and enhancing its product offerings. This change in the stakes will provide this HR SaaS Startup a platform with the necessary resources to compete in the HR tech space. 

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,”

We can expect the following changes after the change in the shareholding pattern of TeamNest-

  • TeamNest will utilise the capital to expand its presence in the Indian Market and develop its product offerings.
  • The HR SaaS Startup will further tap into the protracted network of InCred and add resources to its platform to solidify its position in the HRtech space.
  • The development came two months before InCred Capital acquired the wealth management platform, Orowealth in an all-cash deal.

Snippet Of Incred Financial Services 

InCred Financial Services is a non-banking financial company (NBFC) registered with the RBI in India. This company focuses on consumer loans, including education, personal, home, two-wheeler, and SME business loans. The company, headquartered in Mumbai, Maharashtra, was incorporated by the Founder & CEO of the group, Bhupinder Singh. The lending-tech startup offers credit facilities to MSMEs and retail companies. 

InCred Financial Services Limited has three 100-percent-owned subsidiaries:

InCred Management and Technology Services Private Limited (IMTSPL)

This subsidiary invested in the HR tech startup TeamNest. IMTSPL is an unlisted private company incorporated in 2016. It is responsible for providing a new-age financial services platform that leverages data science and technology to make the lending process quick and efficient.

Booth Fintech Private Limited

Booth Fintech Private Limited is a private subsidiary incorporated in 2015 that provides financial advice and assistance in all costing, financing, accounting internal control and other similar matters. The company holds 76 per cent shares of mValu Technology Services Private Limited, providing development, software designing, customisation, maintenance, implementation, testing and benchmarking.

InCred AI Limited

Lastly, InCred AI Limited is a non-govt company which provides training, advisory, consultancy and all related services in all the areas of information technology.

InCred Financial Services provides secured and unsecured loans under multiple product segments. The group is growing manifolds due to its strategic planning and recent investments. Explaining the reason behind its latest investment, InCred Capital stated that as Indian businesses have leaned more  towards IT and adopted digital technologies to automate their processes, the demand for HR tech solutions responsible for managing payroll, employee date, time, attendance and other HR functions will increase rapidly to bring efficiency. If you want to invest in InCred Financial Services unlisted shares, Stockify can be the right platform to approach. 

About TeamNest & What Value It Holds

TeamNest, on the other hand, was founded by Mahesh Jethani, Saakar Yadav, and Prashant Shah in 2017. This Mumbai-based HR tech space platform is responsible for aiding companies in managing their human resource facilities and payroll. The HR tech startup claims to have witnessed a growth of over 10 per cent year-on-year in the last 15 months and, in India, competes with the HR tech unicorn DarwinBox and the jungle of Ventures-backed inFeedo. 

Co-founder, CMO & Director of TeamNest, Prashant Shah, stated, “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,”

As per the reports of market research firm IMARC Group data, the HRtech market of India was pegged at 940 million dollars in 2022, and the industry will be growing at a CAGR rate of 9.5% to reach 640 million dollars by 2028. This shows the asset and wealth management arm of InCred group made a brilliant decision to invest in the HR-tech startup and can gain considerable benefits in the future. This, in turn, will add value to the group, and the investors can gain huge returns on investments from InCred Financial Services shares. 
Based on this investment by Incred Capital, the group is set to notch up its performance in the Indian market. So, search for India’s best unlisted shares trading platform if you are willing to gain high returns and earn huge capital gains, and you will be directed towards Stockify. We provide you access to highly profitable unlisted shares of top level companies from management, finance, technology and healthcare etc. Our professionals will help you throughout the trading process. You can also gain insights from EPS growth, EBITDA reports and other key performance indicators to make the perfect trading decision. The reports from IMARC Group date show that InCred Capital has taken a positive step ahead; it is your turn. Invest in InCred Financial Services unlisted shares now!

Table of Contents

Fintech startup InCred Capital has recently bought a 20 per cent stake in the Mumbai-based HRtech startup TeamNest. It will allow TeamNest to tap into InCred’s extensive network.


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