Indian private equity (PE) firm ChrysCapital has marked its entry into the software-as-a-service (SaaS) sector by acquiring a 75% stake in ProHance Analytics.
The development marks ChrysCapital’s first investment in the Indian SaaS ecosystem, which is currently valued at over $12 billion. ProHance, a B2B SaaS platform, specializes in workforce analytics and operations, catering to both enterprise and small and mid-size business customers.
ProHance’s market presence
Founded in 2009 by Kishore Reddy and Rajesh Sharma, ProHance has demonstrated significant growth, with a user base of over 320,000 across 170 enterprises in 24 countries.
The company claims to have witnessed over 50% growth from 2019 to 2023. Its application includes modules for worktime, asset optimization, and analytics, providing valuable insights for complex, distributed, and hybrid workforces.
What will change after the acquisition?
Following the acquisition, ProHance aims to strategically expand its global footprint strategically, focusing on key markets such as the Philippines, Australia, and South America. The expansion aligns with the company’s vision of becoming a market leader in the sector. The founders and existing senior leadership team will continue to be a part of ProHance, ensuring continuity and stability.
What does the leadership say about the acquisition?
“We are excited to partner with ChrysCapital as it will empower us to accelerate our global expansion efforts and align seamlessly with our vision of becoming a market leader. Our commitment to innovation, coupled with a dedicated team and robust solutions, has garnered significant recognition and trust from clients,” said Ankur Dhingra, chief executive officer of ProHance.
Sanjay Jalona, Operating Partner at ChrysCapital Advisors, emphasized the pivotal role of platforms like ProHance in hybrid workplaces, enabling efficient team collaboration regardless of location. Rishabh Iyer, Vice President at ChrysCapital Advisors, noted the potential in ‘India for Global SaaS’ due to the large developer talent pool and increasing cloud adoption in global enterprises.
ChrysCapital, founded in 1999, manages $5 billion across nine funds. The firm has a history of significant investments in the technology sector, including companies like Mphasis, HCL Technologies, Cyient, and Infosys.
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