New Delhi / Gurgaon:
PeopleStrong, India’s leading platform based multi-process HR Outsourcing and Technology Company has received an equity investment in the company from HDFC Holdings, a wholly-owned subsidiary of HDFC, one of India’s largest financial conglomerates and from Lumis Partners, an Operative Private Equity Fund based out of Gurgaon, with investment in areas like Education, Human Capital Services, Supply Chain Management, Technology and Consulting.
“HR is increasingly becoming the cornerstone of successful businesses” says Mr. Deepak Parekh , Chairman, HDFC Ltd., “I visited PeopleStrong during one of their Product launches and I find PeopleStrong ahead of its times and its founders very competent to take the company to much higher levels. We are happy to be a part of their journey and wish them success for their future growth.”
“This investment is a landmark move in the HR space, it reinforces the idea and the journey PeopleStrong had embarked in 2005” said Pankaj Bansal, Co Founder and CEO, PeopleStrong. “It clearly demonstrates the confidence of one of India’s most marquee investor company HDFC Holdings, and marks the coming of age of India’s HR Industry.”
PeopleStrong views HDFC Holding’s interest as an affirmation of the transforming face of new emerging HR across the world, which makes it one of the most reliable mantles to bank on for future growth. It views this as a reinforcement of the transformational role that specialist companies will play in the Human Capital industry which is coming to age from an India standpoint. Shelly Singh, Co Founder and EVP, PeopleStrong, went on to add that “HDFC’s interest in this space positions PeopleStrong as a serious player in the global HR outsourcing industry.” Interestingly, PeopleStrong was an early entrant to the SSAE16 certification framework and the only multi-process HR outsourcing company in India to have achieved this feat.
Stalwarts from India’s HR fraternity have welcomed this news as a significant breakthrough in India’s HR landscape. “PeopleStrong has been a pioneer in the HR Services space,” said Dr Santrupt Misra, Director, Global HR and CEO of Carbon black business at Aditya Birla Group. “I have seen the company grow from the inception days and am happy to see it catapult to the next level of growth. The next few years are very crucial for PeopleStrong and its management team and this investment will give them the necessary impetus to grow at a much faster pace.” Sumer Dutta, HR veteran and member of PeopleStrong’s Board of Directors stated that PeopleStrong was poised at expanding its geographical footprint in ASEAN geographies, adding that this investment will catalyze PeopleStrong’s penetration in this new market.
PeopleStrong’s existing institutional investors share the upbeat rigor that this investment has been welcomed with. Says Sandeep Sinha of Lumis Partners: “This landmark investment is a clear recognition of a market leader in the making and would go a long way in the next stage growth story of PeopleStrong.” Varun Talwar from the HR Fund, an institutional investor and PeopleStrong’s early incubator added, “PeopleStrong’s focus on its HR technology backbone will propel its services to transcend geography globally and scale the volume demand from a large trans-geography customer base. In fact, this foresight has made it an obvious choice in the mainline investment game.”
This deal is a clear indicator of the upward growth that the Human Capital space will see in the decade to come.
PeopleStrong is a leading platform based mpHRO (Multi-process HR Outsourcing) and Technology company, headquartered out of Gurgaon in India. PeopleStrong enables Business Leaders and CEO’s in transforming their people agenda. PeopleStrong’s proposition value is further enhanced by the fact that customers see them as trustees of HR Transformation, partnering in their prime objective of creating Happy Organizations. PeopleStrong has implemented some of the largest HR Service Centers in Asia Pacific. They are delivering employee services across regions and time zones for more than 300,000 employees and have hired more than 40,000 employees through a unique technology interface coupled with high end decision making Tools for people data. PeopleStrong is the first company in the space to be successfully assessed on SSAE16.
Housing Development Finance Corporation Limited (HDFC Ltd.) was established in 1977 with the primary objective of meeting a social need of encouraging home ownership by providing long-term finance to households. Over the last three decades, HDFC has turned the concept of housing finance for the growing middle class in India into a world-class enterprise with excellent reputation for professionalism, integrity and impeccable service.
A pioneer and leader in housing finance in India, since inception, HDFC has assisted more than 4.4 million customers to own a home of their own, through cumulative housing loan approvals of over Rs. 5.67 trillion and disbursements of over Rs 4.56 trillion as at March 31, 2013.
About LUMIS PARTNERS:
Lumis is an entrepreneurial firm made up of highly accomplished professionals, who came together to deploy extensive operational and transformational experience. A significant part of the leadership team takes pride in its GE roots, and the Firm leverages best in class operational and people management skills and best practices to manage businesses in the $10-100MN range, where domain is seeded and revenue model is established, and now the objective is to accelerate scale & margins.
Lumis Partners headquartered out of Gurgaon in India has investment interest in areas like Education, Human Capital Services, Supply Chain Management, Technology and Consulting.