Employee data platform Tydy eyes $15 mn in revenues in the next couple of years

Tydy, a rising star in the employee data platform space, has experienced remarkable growth in recent years. With an 80 per cent increase in the last 12 months and a 75 per cent YoY growth rate since its inception, the company is poised for even greater success. Their list of enterprise customers is - Unilever, EXL, Genpact, Virtusa, Swiggy, Cipla, Asian Paints, and Adani Group to name a few. In an exclusive interview with Bizz Buzz, Kiran Menon, one of Tydy's founders, shares the company's exciting journey, its unique value proposition, and its ambitious goals for the future

What is the USP of the company?

Tydy is the first-ever employee data platform that unifies employee data across every single workplace system or tool. By doing this, Tydy gives business users the ability to show real impact by - speeding up complex people processes, personalizing employee journeys at scale, understanding the workforce better with real-time, data-driven insights, and above all, consolidating the employee experience for a more engaged, productive, and happy workforce.

Tydy is the only solution that enables business users to personalize the employee experience in every way possible. Most other HR solutions enable basic personalization of content delivered, but Tydy also enables hyper-personalization of people processes based on role, location, work level, etc. Processes like onboarding, compliance, benefits allocation, verification, and IT management are fully optimized and individualized to each employee, at scale.

How has the company grown and evolved over the years - Milestones, funding: facts and figures?

Tydy went to market in 2019 as an employee onboarding product focused on delivering a data-driven and personalized new hire experience. It was the first-ever onboarding product that actively promoted a consumer-centric approach to designing the employee experience.

With early adopters like Unilever and AB InBev, Tydy grew in capacity and ambition to transform not just the onboarding experience, but the employee experience across the entire lifecycle - from hire to retire.

But this was just one facet that propelled Tydy’s growth into a serious enterprise SaaS product. By going down the data rabbit hole, Tydy unlocked the capability to also automate, manage and streamline governance, risk, and compliance (GRC) for employee data. As it stands today, Tydy is the world’s first employee data platform - a power tool for compliance automation and experience personalization, preferred by enterprises and fast-growing companies. Tydy powers the experience for over a quarter of a million employees across 35 countries.

Tydy initially secured angel investment, but in late 2021, it was backed by Arka Venture Labs, a first-of-its-kind India-US cross-border accelerator platform for B2B companies which took the total funding up to $1.2 million. Tydy is profitable and growing steadily thanks to its amazing list of enterprise customers like Unilever, EXL, Genpact, Virtusa, Swiggy, Cipla, Asian Paints, and Adani Group.

How many employees are part of the Tydy family?

From a 20-member team in 2020, Tydy has grown to 50 employees across engineering, customer success, account management, sales, marketing, and people ops. We have offices in New York, USA, and Bangalore, India.

What is the expected revenue of the brand for FY24, in comparison to FY23 or FY22?

Tydy is on a fast growth trajectory. We have grown over 80 per cent in the last 12 months and we see this rate of growth continuing well into 2024 and 2025.

What is the revenue and percent increase YoY of the company?

In spite of raising just $ 1.2 million so far, Tydy is growing at a steady clip of over 75 per cent YoY. We will end 2023 as a profitable company.

Has Tydy been able to attract any strategic partnerships or investors that have contributed to its success?

Tydy has received a total funding of $1.2 million from angel investors and Arka Venture Labs. Arka Venture Labs is a first-of-its-kind India-US cross-border accelerator platform, launched in partnership with three leading VC firms - Benhamou Global Ventures (BGV), Blume Ventures, and Emergent Ventures. The program is designed to facilitate a faster global transition for promising Indian B2B startups.

With Arka’s backing and guidance, Tydy has been able to fine-tune its product positioning and GTM motion for the US market. Arka has also facilitated strong investor connections as well as set up valuable connections with advisors and experts in product management, sales and technology.

How does Tydy plan to sustain and scale its operations financially in the future?

Tydy is a profitable company with very strong fundamentals. We are in the midst of an opportunistic fundraise currently - with the intention to further increase investment in the US market and build more AI capabilities into the product roadmap.

Are there any future financial milestones or goals Tydy aims to achieve?

We aim to be at $15 million in revenues in the next couple of years.

Can you provide information on the return on investment (ROI) that companies can expect to achieve by using the employee data platform?

Tydy has delivered true business impact to its customers. For instance, customers have self-reported the following metrics: 65 per cent drop in first-year attrition, 80 per cent new hire engagement rate during onboarding, 40 per cent reduction in HR and IT tasks, 10 times reduction in time spent on onboarding processes - from 2.5 hours to 15 minutes, over 18,000 HR hours saved per year, significant process optimization and reduction in ‘time to productivity’. For example, asset allocation was completed on day 1 minus 5 days vs day 1 plus 10 days before Tydy, new hires gave their onboarding experience an NPS score of 4.5/5

Can you name a few global enterprises that use Tydy’s platform for HR, People Ops, and IT teams?

Tydy works with some of the best employer brands in the world, many of whom are global enterprises from across the IT/ITES, FMCG, financial services, and pharmaceuticals sectors. Some names are EXL, Genpact, Virtusa, CGI, SRF Limited, Asian Paints, Swiggy, Cipla, Adani, and more.