Indian software-as-a-service (SaaS) company ProHance has secured majority funding from private equity investor ChrysCapital.
The quantum of the investment was not disclosed.
Bengaluru, Karnataka-based ProHance offers operations management and workplace analytics platform to help companies increase productivity.
Over 350,000 users across more than 25 nations are said to leverage ProHance’s B2B offering.
The technology vendor, which was set up in 2009, plans to use the investment to expand operations across key markets such as the Philippines, Australia, and South America.
The deal, which will see ChrysCapital acquire a 75% stake in ProHance, marks its foray into the Indian SaaS industry, which is worth more than $12bn (Rs1trn).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
According to ProHance, the SaaS industry in India has grown at a faster rate than the worldwide market, with a market share of about 5% and is expected to reach 8% by calendar year 2027.
ChrysCapital, which is also based out of India, manages $5bn across nine funds.
Following the investment, Prohance founders and its existing senior leadership will continue to play an essential part in the company.
ProHance CEO Ankur Dhingra said: “We are excited to partner with ChrysCapital as it will empower us to accelerate our global expansion efforts and align seamlessly with our vision of becoming a market leader.
“Our commitment to innovation, coupled with a dedicated team and robust solutions, has garnered significant recognition and trust from clients.”
ChrysCapital Advisors operating partner Sanjay Jalona said: “ChrysCapital is delighted to back ProHance, a company distinguished by its execution-oriented leadership.
“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 organizations.”