Indian HRtech startup ZingHR has invested in Silicon Valley-based SaaS startup LokiBots. ZingHR will use the investment to enhance its AI-powered software bots, conversational AI, and document AI features in its human capital management (HCM) offerings.
It aims to expand its AI-based products and services, boost the efficiency of its HRtech products by up to 100%, and advance the speed and productivity of the HRtech industry. ZingHR’s funding from Tata Capital Growth Fund in exchange for 33% equity last year preceded the recent investment.
Mumbai-based ZingHR offers cloud-based HCM solutions, including talent acquisition, talent management, payroll, and alumni management, to small and medium-sized enterprises. It has added blockchain technology, machine learning, and deep learning to its enterprise offerings.
Founder and MD Prasad Rajappan commented that the new investment will enable customers to leverage its solutions for non-HR processes such as accounting, procurement, and sales. ZingHR serves 1000 companies in 26 languages.
LokiBots, which helps non-technical people to create software bots and automate repetitive computerized tasks, also supports digitization through document AI, conversational AI, and ML-based forecasting and predictions. The four-year-old startup aims to democratize intelligent automation for businesses.
The investment from ZingHR will support LokiBots’ go-to-market initiatives, according to CEO Srilatha Charuvu. Crunchbase data shows the startup has raised $868.5k in funding from several investors.
In India, ZingHR competes with the likes of Darwinbox, TeamNest, inFeedo, and HireSure.ai in the HRtech space. The Indian HRtech market is valued at $23.32bn, according to a Verified Market Research report, and is expected to grow at a CAGR of 5.7% to reach $38.36bn by 2030.