Financial services firm Incred Capital said it has acquired a 20% stake in TeamNest, a payroll and HR SaaS platform, as part of its Series A round.

The investment will enable the platform to expand its reach and enhance its product offerings.

It will also allow TeamNest to tap into InCred’s extensive network in the Indian market, providing the platform with the necessary resources to compete effectively in the HR tech space.

Founded in 2017, TeamNest is a cross-border, multilingual platform that uses advanced analytics to help businesses of all sectors and sizes manage their payroll and human resources function efficiently.

“We are delighted to have InCred Capital as our investor and partner in this journey. Their extensive experience and network in the Indian market will be invaluable to us as we work towards capturing the HR tech market in India,” said Prashant Shah, Co-founder, CMO, and Director of TeamNest.

TeamNest, the Mumbai-based platform has witnessed more than 10% month-on-month growth for the last 15 months.

“We are excited to partner with TeamNest and support their growth in the Indian market. With its innovative technology and dedicated team, TeamNest has the potential to transform the HR tech landscape in India, and we are thrilled to be a part of this journey,” Saumya Mittal, Head, Structured Finance at InCred Capital, said.