Tiger Global leads $60m round of Sequoia-backed HR tech startup

Singapore-based Multiplier, an HR management platform, has raised US$60 million in a series B round led by Tiger Global and Sequoia Capital India, with participation from DST Global Partners.

The new investment brings Multiplier’s total funding to US$77.2 million, taking the company’s valuation to US$400 million.

(From left): Founders Sagar Khatri, Amritpal Singh, and Vamsi Krishna/ Photo credit: Multiplier

Tiger Global invested US$30 million into the round, while Sequoia Capital India’s contribution was US$24 million, according to data from VentureCap Insights.

This comes just three months after Sequoia Capital India led Multiplier’s US$13.2 million series A round.

Multiplier makes international hiring and employee payroll and benefits processing easier. It provides companies with access to candidates across borders and assistance in managing issues of local compliance, labor contracts, payroll systems, employee benefits, and taxes.

It charges start at US$300 per employee per month and US$40 per freelancer per month. In geographies where businesses have their own entities, Multiplier helps companies manage payroll for their employees starting at US$20 per employee per month.

The company was founded by Sagar Khatri, Vamshi Krishna, and Amritpal Singh in 2020 and was part of the fifth cohort of Sequoia Capital India’s Surge.

“With this new capital, Multiplier will be able to further accelerate its work towards expanding the global infrastructure, garnering meaningful partnerships and adding new capabilities to our platform,” said Khatri, adding that it is also boosting its hiring efforts.

The company recently added some new capabilities such as allowing businesses to self-register on the platform and instantly send their candidates contracts in minutes. They can also offer employee stock ownership plans to their employees. The team is also working on rolling out crypto-payroll features, so businesses can pay their freelancers with cryptocurrencies.

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