IndiaMART, B2B marketplace of India, has made an investment of of approximately Rs 170.1 million in HR SAAS platform Zimyo.
Zimyo Consulting, under the brand name ‘Zimyo’, offers SaaS-based human resource management software for businesses. It allows users to carry out critical HR processes including recruitment and onboarding, payroll management, performance management, and time and attendance management. It also includes employee benefits modules which offers salary advance, personal loan and health & term insurance to employees.
Dinesh Agarwal, founder, and CEO of IndiaMART said, "COVID-19 has accelerated the adoption of SaaS based HR Management solutions by new age as well as traditional businesses. This investment is another step towards IndiaMART’s long term vision of providing a holistic ecosystem for all business needs.”
Kumar Mayank, CEO of Zimyo, said, “India is home to one of the world’s youngest populations, which by 2050 is expected to account for over 18 percent of the global working population. Millions of employees of the small and mid size businesses, which form over 45 percent of this working population is forced to choose between paper, or HR solutions that aren’t designed for them. Zimyo wishes to bridge the gap.”
Since its listing on BSE and NSE, IndiaMART has invested in companies such as Vyapar, Bizom, Shipway, Legistify, Superprocure, Aerchain, M1xchange, Easyecom, Fleetx, Industry Buying, Realbooks and BUSY. All these investments are part of IndiaMART’s long term objective of offering various software solutions which improve ease of doing business for Indian businesses and Enterprises, it added.
