Excl: SaaS-based HR & payroll management firm Greytip raises funding from Blume Ventures

Bangalore-based Greytip Software Pvt Ltd, which provides cloud-based HR and payroll management solutions to small and medium enterprises (SMEs), has raised an undisclosed amount in funding from Blume Ventures. The company will use the funds to grow its business in the domestic cloud HR and payroll automation space.

"This funding will help us scale our marketing and sales efforts in reaching out to SMEs," said Girish Rowjee, co-founder and CEO of Greytip.

The company was founded in 1994 by the duo of Rowjee and Sayeed Anjum – both alumni of Sri Jayachamarajendra College Of Engineering, Mysore. It offers a complete employee lifecycle management solution, including employee information management, headcount analysis, payroll processing, leave and attendance management and workflow management.

Greytip claims that it has 2,500 clients across India, Malaysia, the UAE and Oman, and manages more than 5 lakh employee records on a daily basis. The solutions are available in on-premise as well as SaaS models. The company's clientele includes Manipal Hospital, OrangeScape, Greenpay and FMC India, among others. Greytip has offices in Mumbai, Delhi, Pune, Chennai, Hyderabad and Dubai, besides Bangalore.

"Greytip successfully reinvented the business to a rapidly scalable SaaS business and Blume and the founders thought it was a great idea to partner before the next leap of growth," said Karthik Reddy, co-founder of Blume Ventures, an early-stage seed and pre-series venture fund based out of Mumbai.