About HR SaaS sector in India
The HR SaaS sector in India comprises 3.16K companies, including 325 funded companies having collectively raised $2.11B in venture capital money and private equity. Out of these, 102 are Series A+ funded, and 2 have achieved unicorn status.
HR SaaS sector in India has seen 50 acquisitions and 3 IPOs.
This sector includes companies offering cloud-based solutions for HR professionals to manage their employees and day to day work.
HR SaaS sector is also known as HR SaaS Solutions, Advanced HR SaaS or Digital HR SaaS.
Cloud-based HRMS, Payroll, Employee Engagement, Job Boards, Marketplaces, Performance Management Tools, other HR-related software are included in this sector. Non-Cloud-based HR Solutions, Generic Cloud Infra Solution, Services Companies are excluded.
Top HR SaaS Companies in India
There are 3,163 HR SaaS startups in India which include Ekincare, GreytHR, PeopleStrong, Xoxoday, Darwinbox. Out of these, 325 startups are funded, with 102 having secured Series A+ funding, and 2 achieving unicorn status.
2026 has seen the creation of 176 HR SaaS startups in India. Over the past 10 years, an average of 171 new companies have been launched annually. Notably, several of these startups have been founded by alumni of IIT Delhi, BITS Pilani and IIT Bombay.
Here is the list of top HR SaaS startups in India
1. Ekincare
Provider of employee health benefits platform offering health and wellness programs. The platform facilitates health checks, telemedicine, pharmacy delivery, and mental health support. It also provides access to fitness centers, medical rooms, and healthcare financing options. The platform offers customized engagement and data-driven insights through real-time dashboards.
Key facts about Ekincare
- Founded Year: 2015
- Location: Hyderabad (India)
- Stage: Series B
- Total Funding till date: $28M
- Investors: Ventureast, HealthQuad and 43 Others
- Latest Funding Round: Series B, Jan 30, 2026, $*****
- Tracxn Score: 79/100 What is this?
- Competitors Rank: 3 of 1,212 Competitors
2. GreytHR
Provider of cloud based human resource management system and payroll software.. The software offers a suite of tools for managing human resources and payroll processes. Features include workforce management, employee relations, leave and attendance tracking, recruitment management and payroll processing. The platform also provides an employee self service portal for tasks such as accessing payslips and managing leave requests. The software automates manual processes, manage performance in HR and payroll operations. It includes reporting capabilities and integrates with existing IT infrastructure. It is a tool available on the subscription based pricing model.
Key facts about GreytHR
- Founded Year: 1994
- Location: Bengaluru (India)
- Stage: Acquired
- Total Funding till date: $47.4M
- Investors: New Enterprise Associates, Info Edge and 14 Others
- Latest Funding Round: Series F, Sep 03, 2024, $*****
- Tracxn Score: 79/100 What is this?
- Competitors Rank: 4 of 2,989 Competitors
3. PeopleStrong
Provider of human capital management platform offering integrated HR solutions. The platform delivers modules for talent acquisition, onboarding, and core human resources functions. It also provides payroll, leave and attendance, performance, learning, and career and skills management. The platform offers succession planning, compensation, analytics, and collaboration tools.
Key facts about PeopleStrong
- Founded Year: 2005
- Location: Gurugram (India)
- Stage: Acquired
- Total Funding till date: $30.7M
- Investors: West Street AEP I Offshore Aggregator, HDFC Bank and 41 Others
- Latest Funding Round: Series C, Jun 04, 2025, $*****
- Tracxn Score: 78/100 What is this?
- Competitors Rank: 6 of 2,989 Competitors
4. Xoxoday
Cloud-based platform providing digitized rewards, incentives, loyalty, and payouts solutions for businesses worldwide. It is a platform providing SaaS solutions for digitizing rewards, incentives, loyalty, and payouts programs. It supports various businesses in managing their programs, including those in the employee engagement, sales, and consumer sectors. The platform integrates with multiple platforms for seamless experiences.
Key facts about Xoxoday
- Founded Year: 2012
- Location: Bengaluru (India)
- Stage: Acquired
- Total Funding till date: $101M
- Investors: Apis Partners, Mahindra and 17 Others
- Latest Funding Round: Series C, Jan 14, 2026, $*****
- Tracxn Score: 78/100 What is this?
- Competitors Rank: 4 of 2,227 Competitors
5. Darwinbox
Developer of human capital management software with AI capabilities. The software is designed to empower human resources teams. It provides a modern platform with a consumer-grade experience. The platform is built to make enterprises change-ready.
Key facts about Darwinbox
- Founded Year: 2015
- Location: San Francisco (United States)
- Stage: Series D
- Total Funding till date: $149M
- Investors: Peak XV Partners, TCV and 54 Others
- Latest Funding Round: Series D, Sep 12, 2025, $*****
- Tracxn Score: 75/100 What is this?
- Competitors Rank: 9 of 2,989 Competitors
Companies founded year-on-year in the HR SaaS sector in India
176 new startups have been founded so far in 2026 in the HR SaaS sector in India. 257 HR SaaS startups in India were founded in 2020 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | 176 |
2025 | 121 |
2024 | 156 |
2023 | 181 |
2022 | 144 |
2021 | 186 |
2020 | 257 |
2019 | 194 |
2018 | 151 |
2017 | 148 |
Stage-wise distribution of HR SaaS sector companies in India
Out of the total 3,163 HR SaaS companies in India, 325 have secured funding. Among them, 102 have reached Series A or higher, and 68 to Series B or beyond.
Founded - 3,163
Funded - 325
Series A+ - 102
Series B+ - 68
Series C+ - 59
Company Stage | No. of companies |
|---|---|
Founded | 3,163 |
Funded | 325 |
Series A+ | 102 |
Series B+ | 68 |
Series C+ | 59 |
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Funding Trends in the HR SaaS sector in India
Total funding year-on-year in the HR SaaS sector in India
The HR SaaS sector in India saw a total funding of more than $1.92B in the last 10 years. The most amount of funding was in 2021 at more than $602M. There has been a total funding of $32.5M in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $32.5M |
2025 | $138M |
2024 | $116M |
2023 | $107M |
2022 | $438M |
2021 | $602M |
2020 | $228M |
2019 | $109M |
2018 | $107M |
2017 | $45.6M |
Recent Funding Rounds in HR SaaS in India
In the year 2026, till July 2026, HR SaaS companies in India have raised $32.5M in equity funding across 9 rounds.
In the same period last year (i.e. till July 2025), HR SaaS companies in India had raised $118M across 15 rounds.
So, 2026 has seen a 72.48% drop in funding in HR SaaS companies in India as compared to 2025.
Here are some recent, important funding rounds in HR SaaS companies in India:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Angel | 4971 | Jul 27, 2026 | ||
Series A | 3331 | Jun 15, 2026 | ||
Series A | 2007 | Jun 11, 2026 | ||
Series A | 1154 | Apr 24, 2026 | and 5 more | |
Seed | 5584 | Apr 17, 2026 | - |
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Top Investors in HR SaaS in India
Accel is the top investor in HR SaaS companies in India based on number of companies invested.
Here are some top investors in HR SaaS companies in India:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Palo Alto (United States) | ||
Cambridge (United States) | ||
Redwood City (United States) | ||
Bengaluru (India) | ||
Menlo Park (United States) |
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M&A activity in HR SaaS sector in India
In the year 2026, till May 2026, 3 acquisitions happened in HR SaaS sector in India. Last year, in 2025, a total of 4 acquisitions happened in HR SaaS sector in India.
Here are some recent, important acquisitions in HR SaaS sector in India:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | May 28, 2026 | ||
Business Acquisition | Mar 10, 2026 | ||
Business Acquisition | Feb 05, 2026 | ||
Business Acquisition | Aug 01, 2025 | ||
Business Acquisition | Apr 18, 2025 |
Acquisition trends in HR SaaS sector in India
Here are the acquisition trends in HR SaaS sector in India:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 3 |
2025 | 4 |
2024 | 6 |
2023 | 6 |
2022 | 10 |
2021 | 5 |
2020 | 1 |
2019 | 5 |
2018 | 6 |
2017 | 1 |
IPOs in HR SaaS in India
In the year 2000, till September 2000, 2 IPOs happened in HR SaaS sector in India.
Here are some recent, important IPOs in HR SaaS sector in India:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Sep 10, 2000 | Bombay Stock Exchange (BSE) | |
Apr 12, 2000 | National Stock Exchange (NSE) |
Colleges which produce the most HR SaaS companies in India
Companies founded by alumni from top colleges in the HR SaaS in India
Most number of HR SaaS startups in India have been founded by alumni from IIT Delhi, BITS Pilani and IIT Bombay.
College | No. of companies |
|---|---|
IIT Delhi | 41 |
BITS Pilani | 32 |
IIT Bombay | 26 |
IIT Kanpur | 26 |
IIT Kharagpur | 26 |
IIM Calcutta | 18 |
IIT Madras | 17 |
IIM Ahmedabad | 16 |
IIM Bangalore | 15 |
IIT Roorkee | 15 |
Total funding in HR SaaS companies founded by alumni from top colleges in India
In the last 10 years, IIT Delhi graduates' HR SaaS companies in India have raised the most funding among top colleges. IIT Bombay alumni are second, and University of California (Berkeley) alumni are third.
College | Total Funding |
|---|---|
IIT Delhi | $543M |
IIT Bombay | $536M |
University of California (Berkeley) | $397M |
IIT Madras | $235M |
Indian Institute Of Management–Lucknow | $149M |
BITS Mesra | $99.8M |
BIT Mesra | $99.7M |
Kellogg School of Management | $97.9M |
BITS Pilani | $89.6M |
MIT Sloan School of Management | $89.5M |
Top News in HR SaaS in India
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Xoxoday Raises Series-C to Accelerate Global ExpansionThe Tribune•Jan 14, 2026•Xoxoday, Apis Partners
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Unicorn India-backed healthcare payments firm QubeHealth eyes fundraiseVCCircle•Sep 15, 2025•QubeHealth
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Eightfold AI's Talent Intelligence Platform Now Available in Microsoft Azure MarketplacePR Newswire•Jun 02, 2025•Eightfold, Microsoft
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