About HR Services sector in Asia
The HR Services sector in Asia comprises 19.4K companies, including 634 funded companies having collectively raised $1.54B in venture capital money and private equity. Out of these, 415 are Series A+ funded.
HR Services sector in Asia has seen 147 acquisitions and 194 IPOs.
This sector includes companies providing services to manage various HR functions such as recruitment, payroll processing, employee benefits, etc for enterprises.
HR Services sector is also known as Human Resource Services.
Companies offering end to end HR services, recruitment services, talent management services, payroll management, benefits administration for enterprises(B2B) are included in this sector. Companies offering HR products or solutions, workplace investigations and HR related blogs/learning portals are excluded.
Top HR Services Companies in Asia
There are 19,412 HR Services startups in Asia which include TeamLease, CIEL HR, Quess, Mynavi, Xpheno. Out of these, 634 startups are funded, with 415 having secured Series A+ funding.
Over the past 10 years, an average of 959 new companies have been launched annually. Notably, several of these startups have been founded by alumni of IIM Ahmedabad, University of Delhi and BITS Pilani.
Here is the list of top HR Services startups in Asia
1. TeamLease
Staffing and recruiting company. Its platform allows employers to search and connect with candidates for job vacancies. It also enables employers to post full-time, part-time jobs, internship opportunities, and freelancing projects. The offering sectors include IT & telecoms, sales & marketing manufacturing & engineering, accountancy & finance, and more.
Key facts about TeamLease
- Founded Year: 2000
- Location: Bengaluru (India)
- Stage: Public
- Total Funding till date: $28.4M
- Investors: ICICI Venture and Gaja Capital
- Latest Funding Round: Series B, Apr 05, 2011, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 1 of 3,516 Competitors
2. CIEL HR
Provider of HR management, recruitment and staffing services. Its other products include payroll processing, leave and attendance management, AI based resume scoring, expense and learning management, candidate assessment, compliance management. And also it caters their services to industries such as IT, engineering, financial services, and consumer products.
Key facts about CIEL HR
- Founded Year: 2015
- Location: Bengaluru (India)
- Stage: Series A
- Total Funding till date: $12.6M
- Investors: Cavinkare, Sri Kaliswari Fireworks and 74 Others
- Latest Funding Round: Angel, Jun 09, 2024, $*****
- Tracxn Score: 75/100 What is this?
- Competitors Rank: 1 of 34,612 Competitors
3. Quess
Provider of outsourcing and business services. Offers multiple services including workflow management, operating asset management, technology solutions, and more. Also provides tech-enabled staffing and outsourcing services for sales and marketing, customer care, after sales service, and more.
Key facts about Quess
- Founded Year: 2007
- Location: Bengaluru (India)
- Stage: Public
- Investors: Fairbridge Capital, Convergent and 2 Others
- Latest Funding Round: Post IPO, Aug 01, 2019, $*****
- Tracxn Score: 74/100 What is this?
- Competitors Rank: 2 of 3,542 Competitors
4. Mynavi
Key facts about Mynavi
- Founded Year: 1973
- Location: Chiyoda City (Japan)
- Stage: Unfunded
- Tracxn Score: 63/100 What is this?
- Competitors Rank: 9 of 34,612 Competitors
5. Xpheno
Provider of recruitment and technology consulting services. Company focused on IT staffing, engineering services, sales staffing, and direct hire services.
Key facts about Xpheno
- Founded Year: 2017
- Location: Bengaluru (India)
- Stage: Seed
- Total Funding till date: $949K
- Latest Funding Round: Angel, Mar 31, 2020, $*****
- Tracxn Score: 59/100 What is this?
- Competitors Rank: 4 of 3,516 Competitors
Companies founded year-on-year in the HR Services sector in Asia
1,983 HR Services startups in Asia 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 | - |
2025 | 39 |
2024 | 528 |
2023 | 856 |
2022 | 923 |
2021 | 1,434 |
2020 | 1,983 |
2019 | 1,547 |
2018 | 1,270 |
2017 | 1,015 |
Stage-wise distribution of HR Services sector companies in Asia
Out of the total 19,412 HR Services companies in Asia, 634 have secured funding. Among them, 415 have reached Series A or higher, and 373 to Series B or beyond.
Founded - 19,412
Funded - 634
Series A+ - 415
Series B+ - 373
Series C+ - 357
Company Stage | No. of companies |
|---|---|
Founded | 19,412 |
Funded | 634 |
Series A+ | 415 |
Series B+ | 373 |
Series C+ | 357 |
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Funding Trends in the HR Services sector in Asia
Total funding year-on-year in the HR Services sector in Asia
The HR Services sector in Asia saw a total funding of more than $1.26B in the last 10 years. The most amount of funding was in 2022 at more than $460M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $73.3M |
2024 | $66.9M |
2023 | $49.8M |
2022 | $460M |
2021 | $204M |
2020 | $191M |
2019 | $145M |
2018 | $16.5M |
2017 | $18.1M |
Recent Funding Rounds in HR Services in Asia
In the year 2025, till December 2025, HR Services companies in Asia have raised $70.1M in equity funding across 20 rounds.
In the same period last year (i.e. till December 2024), HR Services companies in Asia had raised $66.1M across 36 rounds.
So, 2025 has seen a 6.06% rise in funding in HR Services companies in Asia as compared to 2024.
Here are some recent, important funding rounds in HR Services companies in Asia:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 7841 | Dec 26, 2025 | ||
Series A | 8761 | Nov 25, 2025 | and 1 more | |
Seed | 7091 | Nov 14, 2025 | ||
Series A | 7992 | Nov 06, 2025 | and 2 more | |
Series A | 9290 | Aug 07, 2025 | and 6 more |
Top Investors in HR Services in Asia
Recruitment Entrepreneur is the top investor in HR Services companies in Asia based on number of companies invested.
Here are some top investors in HR Services companies in Asia:
Investor | Location | Top Portfolio Companies |
|---|---|---|
London (United Kingdom) | - | |
Singapore (Singapore) | ||
Chuo City (Japan) | ||
Shibuya (Japan) | ||
Redwood City (United States) |
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M&A activity in HR Services sector in Asia
In the year 2025, till December 2025, 11 acquisitions happened in HR Services sector in Asia. Last year, in 2024, a total of 16 acquisitions happened in HR Services sector in Asia.
Here are some recent, important acquisitions in HR Services sector in Asia:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Dec 12, 2025 | - | |
Business Acquisition | Sep 19, 2025 | ||
Business Acquisition | Sep 15, 2025 | ||
Business Acquisition | Jul 29, 2025 | ||
Business Acquisition | May 22, 2025 |
Acquisition trends in HR Services sector in Asia
Here are the acquisition trends in HR Services sector in Asia:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 11 |
2024 | 16 |
2023 | 18 |
2022 | 18 |
2021 | 9 |
2020 | 9 |
2019 | 15 |
2018 | 9 |
2017 | 6 |
IPOs in HR Services in Asia
In the year 2025, till December 2025, 7 IPOs happened in HR Services sector in Asia.
Here are some recent, important IPOs in HR Services sector in Asia:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Dec 22, 2025 | Tokyo Stock Exchange (TYO) | |
Jul 10, 2025 | National Stock Exchange (NSE) | |
Apr 08, 2025 | Bombay Stock Exchange (BSE) | |
Mar 21, 2025 | National Association of Securities Dealers Automated Quotations (NASDAQ) | |
Mar 18, 2025 | Tokyo Stock Exchange (TSE) |
Colleges which produce the most HR Services companies in Asia
Companies founded by alumni from top colleges in the HR Services in Asia
Most number of HR Services startups in Asia have been founded by alumni from IIM Ahmedabad, University of Delhi and BITS Pilani.
College | No. of companies |
|---|---|
IIM Ahmedabad | 13 |
University of Delhi | 10 |
BITS Pilani | 9 |
IIM Calcutta | 8 |
IIM Bangalore | 7 |
IIT Delhi | 7 |
National University of Singapore (NUS) | 7 |
Singapore Management University (SMU) | 7 |
IIT Bombay | 6 |
IIT Kanpur | 6 |
Total funding in HR Services companies founded by alumni from top colleges in Asia
In the last 10 years, IIM Ahmedabad graduates' HR Services companies in Asia have raised the most funding among top colleges. University of Pennsylvania and Wharton School alumni are second.
College | Total Funding |
|---|---|
IIM Ahmedabad | $45.7M |
University of Pennsylvania | $28.4M |
Wharton School | $28.4M |
IIT Kharagpur | $7.65M |
IIT Delhi | $7M |
Indian School of Business | $7M |
BIT Mesra | $6.43M |
BITS Mesra | $6.43M |
IIT Bombay | $6.43M |
University of Delhi | $5.71M |
Top News in HR Services in Asia
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