Private equity (PE) firm ChrysCapital has acquired 75% stakes of B2B SaaS platform ProHance Analytics for an undisclosed amount. This acquisition marks ChrysCapital’s entry into the Indian SaaS ecosystem.
ProHance will operate as an independent entity, and its employees and leaders will continue to work as they were.
Founded by Kishore Reddy and Rajesh Sharma in 2009, ProHance is an HRtech startup that deals in workplace analytics and operations management.
It enables companies to take analytical and strategic decisions related to the management of complex, distributed, and hybrid workforces. Its application offers features including Work Time Module, Asset Optimisation Module, and Advance Analytics Module.
The startup aims to leverage the acquisition as an opportunity to build on its success and plans to strategically expand into markets such as the Philippines, Australia, and South America. ProHance further aims to help organisations enhance productivity and efficiency, and reinforce the brand’s position as a leader in the global workforce management landscape.
Commenting on the acquisition, Sanjay Jalona, operating partner, ChrysCapital Advisors said, “Platforms like ProHance play a pivotal role in a hybrid workplace, seamlessly connecting and empowering teams to collaborate efficiently regardless of physical location. I have personally seen the benefits of ProHance having been one of their largest clients at prior organisations.”
In a statement, ProHance’s founders Reddy and Sharma said that the startup has achieved remarkable success globally in deploying its product at leading IT/BPO, GCC, and BFSI clients in India and the USA.
They attributed ChrysCapital’s interest in the startup to its 50% growth rate over the past four years. Additionally, ProHance claims to have a 70% Net Promoter Score, a demonstration of product offerings, and superior customer support.
ChrysCapital was established in 1999 by Ashish Dhawan and Raj Kondur. It manages nine funds with an overall value of $5 Bn. With over 100 investments since its inception, it has backed some of the leading IT consultants and tech giants including Mphasis, HCL Technologies, Infosys, LiquidHub, Cyient, LTI, KPIT and Infogain.
Earlier in June, the PE firm backed Lenskart with $100 Mn funding to help its growth plans and strengthen its position as a global eyewear leader.
In addition, the firm acquired Silicon Valley-headquartered technology services firm Xoriant for an undisclosed amount in January. Back then, it said that with the deal, Xoriant wanted to accelerate value creation for its stakeholders and ramp up global growth.
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