On Thursday, the financial services company InCred Capital announced that it had purchased a 20% investment in TeamNest, an HR SaaS platform that aids companies in managing their payroll and human resources needs.

“The investment by InCred Capital, which is a part of TeamNest’s Series A round, will allow the platform to improve its product offerings and broaden its customer base. TeamNest will also be able to take advantage of InCred Capital’s broad network in the Indian market thanks to this investment, giving the platform the tools it needs to effectively compete in the HR IT industry. A statement was released by InCred Capital.

According to Saumya Mittal, director of structured finance at InCred Capital, “The opportunity to work with TeamNest and help their expansion into the Indian market excites us.” “We are excited to be a part of TeamNest’s transformation of the Indian HR IT environment thanks to its cutting-edge technology and committed workforce.”

During the past 15 months, TeamNest claims to have experienced growth of over 10% on a monthly basis.

Co-founder, CMO, and director of TeamNest, Prashant Shah, stated that the funding will enable the firm to expand its reach across the nation and allow clients to recruit employees until they retire.

“We are honoured to have InCred Capital as a partner and investor in this venture. We will greatly benefit from their vast industry knowledge and connections as we strive to dominate the Indian HR IT sector “Shah later on.

Darwinbox, a rival of TeamNest, secured an unknown sum from fresh investors Microsoft and State Bank of India earlier in January of this year.

The funding was given to the Hyderabad-based HR IT business last quarter, the company told ET.

According to a statement from Darwinbox, the financing continues a partnership between Microsoft and Darwinbox to develop software tools for staff management at business clients with connectors pre-built via Microsoft Azure.

Nivea, Starbucks, Domino’s, T-Systems, AXA, Cigna, JSW, Adani, Vedanta, Mahindra, SBI General, Shoppers Stop, Kotak, NSE, Makemytrip, and Swiggy are some of Darwinbox’s clients.