An exciting HR tech startup announced a funding of USD 1 million
HR tech has the motive to bring automation into boring and repetitive human resources tasks. We have been talking about how technology is making its place in almost every sphere of life. Now imagine it getting into the Human Resources department of the organization.
Let us talk about HR tech. It refers to the usage of technology, software, and hardware that are used for the automation of the functions of human resources in the organization. The functions which are involved in this process are employee payroll, compensation, talent acquisition, workforce analytics, performance management, and benefits administration. The trending technologies used in HR technology are Machine Learning, RPA, AI, Cloud-based HR, Virtual reality onboarding and training, recruitment relying on technology, employee-focused and increased feedback channels, and anonymous reporting.
Let us talk about the funding of the exciting HR tech startup that has been announced recently.
Announcement of funding of the HR tech startup
The startup, Meraqui has raised funds worth USD 1 million, as announced on February 07, 2022. This round of funding that we are talking about was the seed round of funding and was led by HNI investors, which are the High Network Individuals.
The startup is planning to use the funds raised in increasing and accelerating its journey to the gross revenue of USD 20 million. This the startup plans to do by expanding itself to more areas and cities in the coming 6 months. It also has plans to do this by launching new models and developing the next generation of technology services to make sure that the experiences of the user are effective and immersive.
About the HR tech startup that has recently announced its funding
The HR tech startup, Meraqui was founded in the year 2019 by Shalin Maheshwari and Lalit Singh and is based in Pune, Maharashtra. According to the startup, India has 450 million Gig and Blue Collar workers, and Meraqui is bridging the gap between workers and businesses. It is engaged in empowering India’s workforce. The startup is an experienced organization steered by seasoned and senior Tech first approach HR professionals, with an aim to provide a one-stop solution for all the HR needs for the organization.
The startup is a tech-enabled platform that provided end-to-end integrated Human Capital solutions for organizations. It offers Hire to Retire cycle management of the workforce including but not limited to Contract Staffing, GIG Workers deployment, payroll, and management compliance. The startup helps to recognize and identify the best-fit talent for roles, across various levels. It focuses on getting right the first time, so the clients can plan for the future. It makes sure to do the background verification by doing the highest accuracy background checks, powered by RPA and cross-reference database at the lowest pricing.
The startup has the most qualified Ops Team who for more than a decade of strategy and optimizing the operations in more than 300 companies makes for the most resourceful, talented, and qualified people one can count onto. It has the fastest deployment because of its platform which is highly customizable and provides the feature of mobile self onboarding and an omnichannel approach.
The three important features provided by the startup are Smart Search, Self Onboarding, and Incoming Applications. The startup has more than 300 clients across 50 locations. It has sourced more than 6 lakh candidates and transactions worth more than INR 1000 crore. The startup has claimed that it has expended at a rate of 200 percent every year since its formation.
Who is HNI(High Network Individual)?
An HNI, which stands for High Network Individual, is a person belonging to the category of having an investible surplus of more than INR 5 crore. By the year 2017, India had around 270000 HNIs. The number of HNIs by the year 2027 is expected to reach 9.5 lakhs and currently, they are around 3 lakhs.HNIs contribute to around 58 percent of the GDP of the country, and out of this, around 30 percent of them are based in Mumbai and Delhi. The United States of America in the year 2020 had the highest number of HNIs in the world with around 6.5 million people falling into that category.
The startup is bringing a change in the industry. We wish the startup a piece of good luck and hope it has a shining and successful future ahead!
Edited and published by Ashlyn Joy