Explaining his company's move, chairman, HDFC said, HR is increasingly becoming the cornerstone of successful businesses
HDFC Holdings has invested in PeopleStrong, HR outsourcing and technology company. Apart from HDFC Holdings, Lumis Partners, a private equity (PE) firm also invested in the company. HDFC Holdings is the wholly owned subsidiary of Housing Development Finance Corporation (HDFC).
“HR is increasingly becoming the cornerstone of successful businesses” said Deepak Parekh, chairman, HDFC. “I find PeopleStrong ahead of its times and its founders very competent to take the company to higher levels and we are happy to be a part of their journey” Parekh added.
Financial details of the deal were not disclosed.
“We will be using this investment to strengthen our Asia operations apart from upgrading our technology and the account management verticals, said Pankaj Bansal, co founder and CEO, PeopleStrong.
Sandeep Sinha of Lumis Partners said, “this landmark investment is a clear recognition of a market leader in the making and would go a long way in the next stage growth story of PeopleStrong.”