With the objective of helping startups focused on human resources, recruitment firm Kelly Services India and its joint venture partner for Asia Pacific, Temp Holdings, have launched a venture capital fund.
The Temp Innovation Fund has set aside Rs 67 crore to invest in disruptive startups, which are engaged in staffing and recruitment services in the country. in the country.
Kamal Karanth, managing director, Kelly Services & Kelly OCG India, told ET, “The Indian HR market is valued at about Rs 40,000 crore, including all technology platforms, and is poised for rapid growth. We are looking out for startups harnessing complex algorithms, predictive analytics, patented platforms and digital technologies that can enhance HR and recruitment productivity.”
India is the third country where Temp Holdings has launched such a fund, having introduced one in Japan earlier this year, followed by the US. The fund will be used for investing at least Rs 2 crore per startup
“VCs in India are concentrating on internet, fintech, healthcare, edutech and clean tech startups. The Temp Innovation Fund will invest in HR startups which will make people-related interfaces and transactions more productive,” said Karanth.
The HR Fund has backed companies like PeopleStrong. There are larger VC firms investing in talent-related startups, said Arjun Pratap, founder of EdGE Networks.
Though there are many HR and talent solutions ecosystems rapidly evolving in India, an exclusively HR-focused fund could really help accelerate the pace. “We look at this as an angel fund and believe this is how we can make the strongest impact,” Karanth said.
