HR tech platform Keka raises $57mn from WestBridge Capital
Keka entered the HR tech space as a bootstrapped company. Pitted against well-funded Goliaths, it not only emerged victorious but also established itself as a leader in the SME segment.
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Hyderabad: Keka, a Hyderabad-based HR tech platform, has secured India's largest Series A SaaS funding with a whopping $57 million from WestBridge Capital. Launched in 2016, Keka entered the HR tech space as a bootstrapped company. Pitted against well-funded Goliaths, it not only emerged victorious but also established itself as a leader in the SME segment. Championing the cause of HR practitioners at all levels, Keka has built a highly innovative product that was continually shaped and optimized to suit the practical requirements of the industry, all without securing any funding and staying bootstrapped. By the end of 2021, Keka was embraced by more than 5,500 companies.
For an organization that reached its 100-customer milestone in 2017, Keka grew exponentially in just a couple of years, crossing the $750,000 annual recurring revenue (ARR) in 2017 and achieving a 7X sales growth in 2020. By 2021, it had crossed the 5,500-customer landmark.
"Business today means serving both customers and employees. While there have been plenty of tools to cover the customer experience, employee experience has taken a back seat. Businesses can no longer afford to do that. We want to help organizations focus better on their core asset – the employees. Despite being bootstrapped all this while, we managed to thrive in the market, thanks to our employees and customers," said Vijay Yalamanchili, CEO of Keka. "Although we got several offers for funding in the past, we never felt the timing was right. Finding the right investment partner was also significant for us. We wanted to partner with someone with a long-term vision for the HR tech space. I am happy that we found the right investing partner in WestBridge Capital. This is not just about securing funding; it is also a validation of our ideas and approach in a world where many funded businesses are struggling to survive," he added.
Rishit Desai, Principal at WestBridge Capital, said, "Keka is disrupting the industry through its world-class product and highly reliable customer support. We are aligned with their vision to build the best mid-market focused global HR Tech Platform that will allow companies around the world to modernize their HR processes. We are very excited about Keka's potential and look forward to a long partnership with the company"
