Human resource tech startup HONO on Wednesday raised $5 million in Series A funding spherical led by Aakash Chaudhry, Managing Director, Aakash+BYJU’s.
Chaudhry has made a private funding of $4 million, which is his first outdoors of the schooling sector. The startup has raised the remaining capital from different particular person buyers together with Hemant Sultania, Amit Khanna of Amaya Ventures, and Harsh Gupta of Udayat Group.
With this funding, Chaudhry will be part of the Board of Administrators of the corporate and will probably be actively concerned in guiding enterprise operations.
Talking about his causes for investing in HONO, Aakash mentioned,
“HONO’s emphasis on expertise, notably AI to deal with, simplify and humanise end-to-end HR processes being a single supply of reality and its means to remodel HR right into a productiveness driver is one thing we consider in. We anticipate HONO’s development curve to point out a a lot steeper rise hereon. Moreover, we worth the sturdy and constructive relationship with HONO, developed over years of affiliation with them as a consumer. We consider in working with manufacturers which can be dedicated to revolutionising the business. And HONO’s imaginative and prescient, its consumer centricity and its high-end options present that promise.”
In accordance with the official assertion, HONO is seeking to leverage the contemporary corpus of funds to increase its operations throughout India, the Center East, and Southeast Asia, growing its market footprint and strengthening its product providing.
With over 300+ purchasers together with Indigo Airways, Spencer’s Retail, Kanmo Group, Dainik Bhaskar, Al Fardan Group, NBC Bearings, HDFC Financial institution, Medicover, Aakash+BYJU’S already on its consumer checklist, and over a million staff on its AI-backed platform, HONO has achieved exceptional development of 2X throughout FY22 They now intend scaling the enterprise and their gross sales vertical, and plan to double their consumer numbers, aiming at supporting 5 million individuals on the HONO platform in the present FY23.
“Having Aakash Chaudhry and our new group of buyers in the fold, makes the HONO journey much more thrilling. Their presence and this strategic funding not solely establishes our buyers’ religion in the enterprise, but in addition reinstates our perception and the idea of the market in the route HONO is evolving. We now have, for years, been advocating that future-readiness of HR or group lies in their use of information in direction of higher productiveness and happier individuals. And for that to occur they should have a single-source-of-truth backed by really sensible techniques. With this new impetus, we can take this farther and do it globally, at scale,” added Mukul Jain, Founder & CEO HONO.