Creating a regional HR management software leader –Shashwat Shuka delves into the Apax Digital Funds’ investment in greytHR

greytHR provides best-in-class tools for automating HR, payroll, and performance management processes to over 23,000 customers across over 25 countries. With more than 40 integrated tools, greytHR offers a comprehensive HR ecosystem widely used by HR professionals, experts, and chartered accountants, streamlining tasks from payroll to performance management. Headquartered in India, the company is highly regarded for its extensive HR software solutions and customer centricity.

We had been tracking greytHR for several years and were impressed by its unique product offering, customer advocacy, and extensive partner network. We recognised it as a well-established business operating in a market poised for significant growth in the coming years.

The Apax Funds have substantial experience in HR software investments, including Zellis Group and Paycor, giving us strong insight into the sector. Our global expertise in software, combined with deep knowledge of the Indian market drew us to greytHR and we are excited to work with the management team to drive future growth.

greytHR's extensive software suite, which includes tools for automating HR, payroll, recruitment, leave and attendance, performance management, as well as an employee self-service portal and mobile app, is tailored for small and mid-sized companies that have been underserved by traditional payroll and HCM solutions. This positions greytHR to capitalise on industry trends, such as increasing tax and labour law complexities, which are driving the adoption of cloud-based software among SMEs and mid-market businesses.

The company has also expanded to nearly 700 employees, supporting a rapidly growing partner network across India, the Middle East, and Southeast Asia.

We believe that this combination of favourable market conditions, alongside greytHR’s comprehensive product offerings and expanding team, will drive solid growth across the long-term.

greytHR is well-positioned to capitalise on the structural growth in the HR software sector across both Indian and global markets. The Apax Digital team, along with Apax’s Operational Excellence Practice, will collaborate with greytHR to enhance its product portfolio by adding more strategic HR modules focused on recruitment and talent management, strengthen partnerships to expand into new markets and customer segments, and invest in the technology stack and UI/UX to better prepare the company for its next phase of growth.