Hiring platform Multiplier raises Series A funding led by Sequoia

Multiplier Brand Solutions Pvt Ltd, a professional employment organisation (PEO) platform that simplifies international hiring, on Monday said it has raised $13.2 million (around Rs 99 crore) as part of its Series A funding round led by Sequoia Capital India.

The startup will use the funds to boost its full-stack platform and global expansion, said Multiplier in a statement. Part of the funds will also be deployed to scale up its payroll and benefits solutions for businesses.

In addition to the existing investors, Deepinder Goyal, co-founder, Zomato, and Amrish Rau, CEO, Pine Labs, also participated in the Series A round.

The Series A funding for the startup comes just four months after it bagged $4 million in funding led by Surge, the accelerator programme of venture capital and growth-stage investor Sequoia Capital, in July.  

Other early-stage investors including Golden Gate Ventures, MS&AD Ventures and Picus Capital had also participated in this round.  

Founded in Singapore in 2020 by Amritpal Singh, Sagar Khatri, and Vamsi Krishna, Multiplier is a PEO platform that provides solutions to allow companies to hire talent from anywhere in the world. It also provides automated HR workflow, compliance, payroll and payments solutions, and offers legal employment infrastructure in over 100 countries.  

Since the seed funding from Surge, the company claims to have doubled its customer base and has grown its revenue by three times in just three months.

Startups operating in the broader HR and jobs platform in the country have been attracting venture capital funding.

Just last week, Spottabl, a SaaS-enabled full-stack hiring platform, raised a Rs 3.5 crore (around $450,000) seed funding round from Paradigm Shift VC, Binny Bansal, cofounder of Flipkart, and LetsVenture.  

In September, HR-tech startup Leena AI raised $30 million (about Rs 222 crore) in a Series B funding round led by Bessemer Venture Partners.

In the same month, jobs platform Apna became the latest entrant in the growing list of Indian unicorns after raising $100 million (Rs 734.7 crore) as a part of its Series C round led by existing investor Tiger Global Management.