Info Edge (India) on Friday said it has invested about Rs 35 crore in Greytip Software, a provider of cloud HR and payroll software solutions.

Info Edge (India) has agreed to acquire 404,696 compulsorily convertible preference shares and 29,948 ordinary shares via mix of primary infusion and secondary purchase, a regulatory filing said.

greytip e1570204911319The aggregate shareholding of the company, post this investment, in the said entity would be 20.25 per cent on fully converted and diluted basis, it added.

Greytip Software was set up in 1994 and started focusing on software as a service (SaaS) in 2011. It has over 9,000 customers spread over 150 cities in India and the Middle East. Its turnover stood at Rs 28.31 crore in 2018-19.

“We strongly believe that this fund raise is pivotal in accelerating Greytip’s growth story. We look forward to working with Info Edge given their deep understanding of the HR business and the SaaS space, as we chart out our next wave of growth plans,” Greytip Software CEO Girish Rowjee said. PTI SR

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