HR tech startup Keka said it has raised $57 million in funding from WestBridge Capital, in what it claimed was the largest Series A SaaS funding round in India to date. Launched in 2016, Hyderabad-based Keka entered the HR tech space as a bootstrapped company with the aim of building a product to suit the practical requirements of the industry.

The company said it had more than 5,500 customers by the end of 2021. Keka (the word means 'awesome' in Telugu) streamlines and automates payroll, recruiting, leave and attendance, and performance management, among other things.

“I believe we raised funding at the right time. We have been the fastest-growing HR tech leader in our space. Although we got several offers for funding in the past, we never felt the timing was right. Finding the right investment partner was also significant for us. We wanted to partner with someone with a long-term vision for the HR tech space,” said Vijay Yalamanchili, chief executive of Keka.

The company claimed it crossed $750,000 in annual recurring revenue (ARR) in 2017 and achieved seven-fold sales growth in 2020. “In a short period of time, Keka has emerged as India’s most trusted and innovative HR Tech platform. It is disrupting the industry through its world-class product and highly reliable customer support. We are aligned with their vision to build the best mid-market focused global HR Tech Platform,” said Rishit Desai, principal at WestBridge Capital.