Info Edge (India) Ltd on Wednesday said it has entered into an agreement to invest about Rs 30 crore in Greytip Software, a human resources and payroll SaaS (software-as-a-service) company. Info Edge has agreed to acquire 3,58,581 Series-D compulsorily convertible debentures (CCDs) having a face value of Rs 836.631 per Series-D CCD, Info Edge (India) Ltd said in a regulatory filing.
The company’s aggregate shareholding, after this investment, in the said entity will be 28.73 per cent on a fully converted and diluted basis, it added. “This investment will help the company create financial value as well as increase its presence in a business adjacent to one of its core operating businesses,” the filing said. Greytip Software is an HR and payroll SaaS company focused on serving SME customers in India and abroad. Its software solutions cover all areas, including employee information management, leave and attendance management, payroll and expense claims.
It helps companies in streamlining HR operations and enhancing employee experience, thereby increasing productivity. Incorporated in November 1994, Greytip was an enterprise HR tech company serving the needs of large businesses with its on-premise solutions in its earlier avatar. In 2011, it shifted gears and started focusing on SMB SaaS solutions.
With deployments at over 13,500 customers spread across 150 cities in India, Middle East and Southeast Asia, GreytHR now has the capability to implement and process payroll in over 20 countries. At its current scale, more than 1.4 million payslips are generated on the platform every month. Its turnover in 2020-21 stood at Rs 41.34 crore.