Global PE firm Apax Partners’ fund acquires 52.1% stake in greytHR
Summary
The investment will allow greytHR to expand its product portfolio with additional strategic HR modules for recruitment and talent management, while also supporting the company’s growth and expansion into new customer segments, according to a statement. “greytHR enables businesses to save time and money by moving from complex and error-prone manual work to an automated and accurate next-gen solution with a mobile-first interface that delights employees,” said Mark Beith, Partner and Shashwat Shukla, Vice President at Apax Digital, who will join greytHR’s board of directors as part of the transaction. As outgoing board members and partners, the spirit of collaboration with Bala, Tarun, Ruchir, Kapel and Karthik is highly appreciated and will be truly missed,” said Girish Rowjee, Co-founder and CEO of greytHR. “In the next chapter of our journey, we look forward to scaling new heights with the backing of Apax and our continuing shareholders Info Edge and GMO,” he added. Following the transaction, greytHR will no longer qualify as an associate company of Info Edge (India) Limited, as its shareholding will decrease from 22.7% to 18.71% on a fully diluted and converted basis.